GBP: Technical indicators appear constructive – BBH
Sterling remains mired in a two-month trading range between roughly $1.30 and $1.3320 and recorded a two-week high near $1.3260 before the weekend, points out Marc Chandler, Global Head of Currency Strategy at BBH.
“The technical indicators appear constructive, but we suspect it is not going anywhere quickly. Brexit talks remain at an impasse as both sides want the other to compromise. The weekly technical indicators continue to favor an eventual downside break. The euro was repulsed again near GBP0.9000. Initial support near GBP0.8930 was frayed but provided it holds, another run at the highs cannot be ruled out.”