Sterling remains 'rangebound' as post-Brexit trade talks continue to hang in the balance

1 min


102
14 shares, 102 points

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Sterling remains 'rangebound' as post-Brexit trade talks continue to hang in the balance

“Optimism about a trade deal being clinched and avoiding a disruptive exit is helping support GBP/EUR around the €1.10 threshold, but upside appears restricted in the short term.

“A weekly downtrend line established since March may act as resistance, which when tested last time prompted GBP/EUR to plunge over four percent in a week.

“This juncture might arise soon as major themes like Brexit and the US election reach a key inflection point.

“On the flip side, a breakout to the topside of this trend channel could trigger a run towards several simple weekly moving averages located in the mid-€1.13 region, which is approximately the average exchange rate for the past three and half years.”


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102
14 shares, 102 points

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