In the FX market, the pound sterling continues to rally as Theresa May takes over the reins as Prime Minister. The fact that she has made it clear that she won’t rush to push the Brexit button has helped clouds to dissipate in the short-term and allowed the pound to rally for a fourth day in row, up to $1.33, while it was still trading at around $1.29 last Friday.However, the pound’s upside potential may be limited as the BoE is expected to cut its benchmark interest rate on Thursday. GBP/USD tr…
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GBP/USD re-approaches 31-year lows after U.K
The pound reapproached 31-year lows against the U.S. dollar on Tuesday, after the release of downbeat U.K. service sector data added to concerns over the effects of the Brexit vote on the British economy.GBP/USD hit 1.3148 during European morning trade, the pair’s lowest since June 27; the pair subsequently consolidated at -, retreating -%.Cable was likely to find support at 1.3118, the low of June 27 and a 31-year trough and resistance at 1.3339, Monday’s high.Research group Markit said its …
Referendum count down
counts will get under way when polls close at 22:00 GMT Thursday, 23 June at 382 local centres around the UK. These local results will be declared as the counts are completed before being collated at 12 regional centres, which will also declare the totals for each side. There will be a rolling total so the time at which one side reaches the point of being mathematically unbeatable depends on how quickly the vote are counted and how close the results are running. It is a safe bet that from 4am on…