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GBP/USD surges ahead of UK May’s speech

GBP/USD surges ahead of UK May’s speech

"Every time there's 'hard Brexit' headlines, that triggers a fresh bout of selling sterling." – MUFG (based on Business Recorder)

GBP/USD Outlook

As was anticipated, the British Pound partially recovered from the bearish gap yesterday, but with the 1.21 level still remaining intact. Today, however, the Sterling is under high risk of falling even under the 1.19 mark, with UK Prime Minister's speech being the driver, as she is expected to unveil all Brexit details today.

Hard Brexit clues are likely to be devastating for the Pound, but positive news could even trigger a surge above 1.22, meaning the two closest resistances are to be pierced. However, technical indicators are unable to confirm either scenario, as they keep giving mixed signals in the daily timeframe.

gbp-usd 17-jan-17

Traders' Sentiment

Although not as strong as yesterday, but market sentiment remains bullish at 73% (previously 73%). At the same time, all pending orders are equally divided between the buy and the sell ones.

Provided by Dukascopy Bank

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