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Nov 09 - 11:55 AM

GBP/USD - COMMENT-Sterling Briefly Tops 1.3200, Before Brexit Realities Set In

By Paul Spirgel  —  Nov 09 - 10:45 AM

GBP/USD struck a 2-month high of 1.3207 nS8N2GL05B on Monday, lifted by a broad risk rally on upbeat COVID-19 vaccine news, but quickly backed off as markets remained wary with time to seal a post-Brexit trade deal running out.

Comments from BoE Chief Economist Andy Haldane nS8N2GL05B didn't add any new support for sterling as he reiterated the view that rates would remain at rock-bottom levels for as long as necessary to get the UK economy moving.

GBP/USD's bullish tone could receive a boost if Prime Minister Boris Johnson's internal markets bill nL8N2HV50S is defeated in parliament, removing a significant obstacle to a potential Brexit deal, but it might not signal the end of that saga just yet.

GBP/USD bulls remain in control with Monday's fresh high opening the way for further gains to 1.3270, the Sept. 7 high, and 1.3275, a noted option interest area, Click here .
Above 1.3275, GBP/USD bulls eye a run at 1.3481, the Sept. 1, 2020 high, and then 1.3516, December's post-UK-election high.

For more click on FXBUZ


GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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