Pound slides again as European traders say thanks for the Asian rally

Author: Mike Paterson | Category: News

The pound staged an impressive rally in Asia but under pressure again now

Eamonn reported the original pound-lifting story here and we saw GBPUSD up to 1.2326 and EURGBP down to 0.8968.

There was curiously little other media coverage on the reports that UK PM May had tabled an amendment to allow MPs to vote on the terms of Brexit negotiations and I posted on this when I first began my shift suggesting the move was overdone.

Well, GBPUSD is now back down at 1.2228 with EURGBP back up to 0.9026 so I hope some of you took heed.

Still a long way to retrace to NY lows of 1.2103 and highs of 0.9141 and we might see some consolidation as early selling makes way for some early profit-taking/dip demand.

The full extent of the significance of the debate to be held in parliament is still unclear and I for one am making no assumptions but at this point I don't see a huge game changer.

Keep selling those GBP rallies but enjoy the good two-way business as well.

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