Pound Sterling is the week’s best performing currency with a poor performance by Labour and the Conservatives in local elections likely to spur the two sides towards agreeing a Brexit deal as they seek to lance the boil that is Brexit.
Out of no where, the British Pound rocketed llate on Friday afternoon following comments from Labour leader Jeremy Corbyn that a deal on leaving the EU must be decided by the UK parliament soon. Jeremy went on to say lawmakers had to find a way to get a deal done to leave the EU.
If local parities, the Labour and the Conservatives could agree on a Brexit deal that would be viewed favourably by a currency market and open the door to a Brexit deal being ratified in the House of Commons.
The last time I talked about the British Pound was in March,
Analysts at UBS thinks if the country eventually leaves the EU, the pound could drop as low as $1.15. But where is price headed next? The chart suggests the British Pound can move higher, to the weekly supply at 1.3550.
Since mid-March, price has it the daily supply at 1.3240.
I don’t know if Brexit is going to happen or not, I don’t really care. My job is to trade the charts because the charts move before and news and dictate what the news is going to say. The chart suggest the weekly supply at 1.3550 is still the target.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.