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Sterling in decline at the beginning of the week

Monday, Nov 14 2016
Sterling in decline at the beginning of the week

There were no major dana releases from the UK today, with Pound dropping back after huge uptrend at the end of the last week. Just this year, we have had unexpected results in the US elections and the Brexit votes which might point to a change of trend in the developed world where people are beginning to vote against the system and the establishment.

Viewed against this background, there might be a realisation that the Brexit vote may not be so bad after all and that is the reason why we saw the pound recover and make new highs towards the end of the week as it broke through 1.2600 and reached as high as 1.2670 during Friday. As of today morning, it has begun to correct and sits just above 1.2500.

 

Looking ahead to today, there is no major news to be released from the UK or the US during the course of the day and hence we can expect the pair to consolidate during the day with a bullish bias above 1.2500. Pair is likely to find support around 1.2450 handle and resistance above 1.2550  area.

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