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Brexit Deal is Near So Why is GBP So Weak?
It was an extremely volatile day for sterling. Taking a look at how GBP/USD traded on an intraday basis, there were at least 3 unexplained spikes that ranged from 50 to 80 pips. GBP is usually more active than other currencies but rarely do we see such wide ranges within a 3 to 5 minute period. Fundamentally, here a number of reasons why GBP should have ended the NY session higher and not lower. 1.Stronger UK wage growth 2.EU Barnier says Brexit deal is realistic within the next 8 weeks 3.BoE Governor Carney gets term extended to 2020 UK data was better than expected and Brexit headlines have been positive. Jobless ... (full story)
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Everyone can see the chart, but only a few can actually read it.
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