It’s been a mixed time for the Pound of late. There seem to be so many things in the mix at the moment that is hard to look at everything and decide the direction. Uncertainty over many things in the UK indicates a longer term down view. However, there has been some recent favour in the Sterling higher crowd!
English & Spanish
The USD has been the catalyst over the past couple of weeks. A weak USD has accentuated the move of the pound in an upward fashion, especially against the USD. After a slight correction this could well resume taking GBP/USD back to the 1.43 highs.
BREXIT, still plays a big part in market opinion for Sterling. There seems to be different views on the UK exit, every week and this uncertainty will always play a part in underpinning Sterling. Apart from that, sterling has performed quite well this year. As mentioned this has mainly been against the USD. Against the Euro we are remaining fairly stable, and it really is only event risk that will significantly move it.
For the coming week, the economic calendar is pretty thin. It seems we will stay in a range with the bias to a little bit higher sterling, maybe even back to the mid 1.13s to 1.14. However, don’t get too excited. We cannot see the pound holding up too near that level and 1.14 is definitely a good sell signal.
Have a good week.
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This article was updated on the 19th of February, 2018.