Free Trial

GBP/USD has ticked higher and last trades.....>

CABLE: GBP/USD has ticked higher and last trades at its lower 1.0% 10-DMA
envelope at $1.2710 after yesterday's choppy, Brexit-driven day saw the rate
finish 20 pips lower. Bears look to yesterday's low of $1.2685, bulls target
Monday's high of $1.2757.
- Cable slid into yesterday's European session, touching a fresh multi-month low
of $1.2685, pressured by USD demand & renewed Brexit uncertainty.
- However, comments from PM May's spokesman Slack put a bid into sterling around
the London noon. Slack said that PM May was to unveil the latest developments on
her withdrawal agreement later in the day. As a result, cable surged to $1.2745
before easing off.
- Around the London fix saw the rate surge to $1.2813, as BBG reported that PM
May was poised to offer MPs a vote on holding a second Brexit referendum.
- However, cable surrendered its earlier gains, as initial enthusiasm
evaporated. Labour Leader Corbyn said that his party wouldn't back May's deal
anyway, with backlash coming also from Tory Brexiteers.
- UK inflation data comes out later today, with retail sales due on Friday.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.