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Sterling higher despite no major data releases

Thursday, Nov 10 2016
Sterling higher despite no major data releases

There were no major data releases from the UK yesterday. The main news remain that America chose to vote in Trump as their President, something which the market had least expected to happen. This is the kind of seismic event that tends to rock the markets and this is something that the British people can identify with, having experienced it during the Brexit vote.

With nothing much known about the political acumen of Trump and the way he will handle economic policy, there is nothing for the markets to base their assumptions on and that is what is causing so much uncertainty and turmoil in the markets. The USD strengthened early morning yesterday, then it weakened as the results started coming in and then it strengthened again towards the US session as it became clear that Trump would become the next President.

 

Sterling is currently being traded 1.25 handle. Pair is likely to find support around 1.2550 area and resistance above 1.2450 level.

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