Sterling fell below 1.42 handle

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Monday, Mar 07 2016

There were no major data releases from the UK today, with Sterling falling down a bit. The UK data run has also managed to surprise positively relative to market expectations but the reality of the “Brexit” referendum, called by UK Prime Minister Cameron after he won concessions for the UK on its participation in the European Union (EU), has boosted uncertainty in the GBP. The referendum will be held on June 23rd.

The emergence of some significant political personalities on the “leave” side of the argument has lent a little more credibility to the anti-EU camp. Polls suggest sentiment is fluid and a high number of voters are undecided, however. Uncertainty will prolong the Bank of England’s stay on the policy sidelines and investors will want clarity on the UK’s position in Europe before embracing the GBP again.

Sterling is currently being traded few points above 1.4170 level. Pair is likely to find support around 1.41 handle and resistance above 1.42 level. There will be no major data releases later today.

More in this category: « German Factory Orders decreased by 0.1% ECB expected to add further stimulus »

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