It's not much, but it's a start
It was a brutal week for the pound, but at least it's ending the week on a better note.
Cable is at the best levels of the day, up 37 pips to 1.2165. If it can close above yesterday's high of 1.2172 then that would be a small win.
Still, the pound is just barely above the two-year lows. The level to watch starting the week is 1.2080, which was the low this week.
The one thing the pound has going for it as that a lot of the bad news is out there. I don't think too many people believe the EU will roll over, so we're basically in a holding pattern. By the same token, there isn't any good news in the pipeline so there isn't going to be a reason to buy the pound. As for an election call, I think it would be pound-positive because it would be very tough for pro-Brexit parties to get a majority.
In terms of economic data, we get the UK services PMI (Mon) and UK GDP (Fri) as bookends next week.
