GBP/USD: Anti-brexit Chat Supporting the Bid - FXStreet

GBP/USD: Anti-brexit Chat Supporting the Bid - FXStreet

26 April 2016, 05:18
Roberto Jacobs
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GBP/USD: Anti-brexit Chat Supporting the Bid - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the British Pound outperformed this Monday, rallying up to 1.4518 against the greenback, its highest since early February, with no clear catalyst behind Sterling's strength.

Key Quotes:

"Data coming from the UK showed that manufacturing activity fell by less than expected in March, as the CBI Industrial Trends survey come in at -11 during the current month against -15 forecasted and up from March’s -14. Also, helping the Pound were some anti-Brexit rhetoric from UK authorities and new polls showing that the support for the Brexit plunged to 29% from previous 34%."

"The GBP/USD retreated from the mentioned high, but holds around the 1.4500 figure, maintaining a positive technical tone, as in the 4 hours chart, the price is well above a bullish 20 SMA, whilst the Momentum indicator continues heading north well above its 100 level and the RSI indicator consolidates around 70."

"Nevertheless a strong upward acceleration through the 1.4520 level is required to confirm additional gains for this Tuesday that can extend up to the 1.4600 region."


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