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Sterling little changed in a quiet Wednesday trade

Wednesday, Sep 28 2016

There were no data releases from the UK yesterday.The process of Brexit hasnt yet officially begun and the modalities and the details are yet to be worked out and this is an uncertainty that is weighing on the pound. The data that has come out of the UK ever since the Brexit verdict have all been better than expectations and this gives confidence in the economy but without the details of the process, its difficult to understand the full and true impact of the same.

With reports surfacing that UK Prime Minister Theresa May is chairing a Brexit brainstorming meeting at Chequers, we may find that developments surrounding our Brexit move forward quicker than many first thought. Whilst it is possible that article 50 will not be triggered for another two years or more, any solid indications of how we will facilitate it and the likely time-frame, should help to alleviate some of the current pressure on Sterling moving forward.

 

Sterling is currently being traded around 1.30 handle. Pair is likely to find support around 1.2950 area and resistance above 1.3050 level.

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