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Thread: GBP USD

  1. #321
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    GBPUSD Technical Levels - 09.01.2017
    GBP/USD declined sharply on Monday as sterling was weighted down after talk of Britain drastically reworking trade ties with the European Union after Brexit sent the pound tumbling to two-month lows.
    Technicaly, upside immediate resistance at 1.2229, break above this level would expose the cable to next resistance level at 1.2334 levels.
    Downside, immediate support at .2114, a break below at this level will open the door towards next level at 1.2076.
    Trend overall looking slightly bearish at the moment.

  2. #322
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    Sterling slide three month low in Asia session on Brexit on Table.

    Sterling slumped to three-month lows in thin Asian trade on Monday with investors again concerned by media reports that the British government is prepared to make a "hard" exit from the European Union.

    The pound sank 1.6 percent to as low as $1.1983, depths not seen since the flash crash of early October, having finished around $1.2175 in New York on Friday.

    The euro was quoted up 1.1 percent at 0.8837 pounds, while sterling fell 1.8 percent on the safe-haven yen to 136.95 yen. The Japanese currency gained broadly, with the U.S. dollar dipping to 114.28 yen.

    Dealers said the market was reacting in part to a report in The Sunday Times newspaper that British Prime Minister Theresa May will this week signal plans for a "hard Brexit" by saying she's willing to quit the European Union's single market to regain control of Britain's borders.

    Markets have been worried such a decisive break from the single market would hurt British exports and drive foreign investment out of the country.

    May intends to launch by the end of March the formal process of negotiating the terms of Britain's exit from the EU, but has so far given very little away about what deal she will be seeking, frustrating some investors, businesses and lawmakers.

    May's speech on Tuesday will stress the need for Britons, who voted for Brexit by 52 to 48 percent in last June's referendum, to unite around common goals such as protecting and enhancing workers' rights.




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  3. #323
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    Pound rallies on May Brexit speech.


    Sterling rallied and was on track for its largest one day gain since 2008 after British Prime Minister Theresa May said the U.K. was looking for a Brexit deal which would benefit both sides.


    GBP/USD jumped 2.33% to 1.2328, rebounding from the low of 1.1985 hit on Monday, which was the weakest level since October’s flash crash.It was the largest one-day gain in the pair since June 20 last year, just ahead of the referendum and the second biggest since December 2008.


    In a speech in London, May confirmed that Britain will be leaving the single market, but said it would seek a bold, ambitious trade agreement with the EU.She said an important part of the new relationship will be “the greatest possible access to the single market on a fully reciprocal basis”.May said she wants to deliver a Brexit that works for the whole U.K., announcing that the final Brexit deal will be put to both houses of parliament for a vote.May said that it is in Britain's national interest for the EU to succeed and that she wants post-Brexit Brexit to be stronger, fairer, more united and more outward-looking than ever before.

 

 
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