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Free AccessGBP/USD last trades at $1.3090, 5 pips........>
CABLE: GBP/USD last trades at $1.3090, 5 pips higher on the day, after falling
85 pips Wednesday. The rate declined steadily on Brexit pessimism, only spiking
higher around the 1600GMT London fix. An immediate pullback was followed by
another jump, inspired by BBG headlines stating that the EU has made a new offer
to the UK on the Irish backstop. However, the move was quickly erased, as BBG
followed with headlines noting that the EU's offer falls short of UK's demands.
- Also on the Brexit front, the Independent cited sources saying that Labour
will only support another referendum, if the UK does not leave on terms that
Labour backs.
- BoE's Tenreyro spoke yesterday, stating that monetary easing would be the more
likely option in the event of a hard Brexit and added that even a smooth Brexit
would not guarantee rate hikes, if there is no evidence of rising inflationary
pressure.
- Initial support noted at the Feb 22 low of $1.3080, followed by the 21-DMA at
$1.3057. Meanwhile, bulls look to Tuesday's low of $1.3098, ahead of $1.3124,
where the rate bottomed on Wednesday.
To read the full story
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Why MNI
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.