GBP not having a good session today 28 Feb
It may be freezing in the UK right now but the pound is definitely feeling the heat as renewed Brexit concerns send GBP lower after the release of the EU draft withdrawal agreement earlier today and subsequent comments. Soft Brexit now looking shaky with plenty to discuss. Never in doubt really imho but markets have thought differently in recent time.
Could all this end in another referendum? Unlikely but there is some still out there who think it's possible. Article 50 does make provision for a reverse in the event of a change of govt and we can't rule that out. No Brexit, stronger pound and softer Brexit perceived as stronger but we're a long way from either of those right now.
GBP still near session lows after an earlier little bit of respite but rally-sellers poised
as I've been recommending all day.
Currently GBPUSD 1.3817 but with decent support/demand at 1.3800 holding so far. More behind that at 1.3780-85 with larger into 1.3750
GBPJPY 147.85 with support/demand at 147.50. USDJPY still trading tightly with demand at 106.80 and sellers into 107.30 and 107.50.
Brexit. Love it or loathe it but at least thank it for some good two-way opportunities over the past months.
