sterling

GBPUSD stretches to a recent high of 1.4330 despite many geopolitical issues. These issues mainly include a potential proxy war between the US/UK and Russia over the recent air strikes in retaliation to the alleged chemical attack in Syria.

Indeed, as Brexit negotiations progress, admittedly slowly, all eyes now focus on the Bank of England which, given the recent data, now has the realistic potential of a rate hike, possibly within 2 months.

Technically, GBPUSD feels well supported given that most pullbacks lower have been met with firm buy side interest. For me, the next target to challenge would be 1.50 – a level not seen since the night of the vote to leave the EU.

Chief Trader,

Jordan Hiscott

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