Home Forex News The British pound Gained to a Nearly Five-Month High Against the...

The British pound Gained to a Nearly Five-Month High Against the Dollar

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The pound surged to a nearly five-month high against the dollar on Monday, but signs that Brexit negotiations have stalled could prompt bearish bets to rise further against sterling,Speculative investors continue to shrug off positive U.K economic surprises, according to ING FX strategist Francesco Pesole. As a result, bearish bets on sterling will remain “relatively high, if not increase” in the next CFTC report after the latest round of Brexit negotiations failed to end the deadlock, Pesole added.

Net short sterling positions, bets on the currency to weaken, climbed in the week to last Tuesday, the latest CFTC data showed. The U.K and EU wrapped up their latest round of negotiations in London last Thursday but failed to find a solution on key sticking points including access of EU vessels to fish in British waters that have so far stifled progress

TREND : SIDEWAYS

Time                                      :           28/07/2020

Pivot                                      :           1.2854

Technical View                     :             LONG ABOVE 1.2874

Target                                   :            1.2894, 1.2918, 1.2958, 1.3007

Technical View                     :             SHORT BELOW 1.2834

Target                                   :            1.2814, 1.2789, 1.2751, 1.2701

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