charts .-: Image Adobe Images- Brexit-related rally drives GBP head-on into resistance on charts.- As U.S. retail sales and CPI weigh, threaten the case for Fed rate cuts.- But USD challenged by reports of U.S.-China deal to end the trade war.- End of trade fight a boon for U.S. and global growth, bane for the USD. The Pound-to-Dollar rate rallied Friday amid speculation that a shift in the UK government's stance on Brexit is afoot, with the move taking Sterling close to 'resistance' in the form of a 'pivot point' on the charts that risks proving insurmountable for the British currency, according to Xinhua China. Sterling was higher against all major currencies Friday as investors speculated the UK government might be softening its 'red lines' on Brexit in order to improve its prospects of securing an amicable exit from the EU ahead of an October 31 deadline. Reproduction of any content for commercial purposes is subject to our usage terms and conditions, please email the editor at his address directly for clarification. Reports of a planned meeting between Prime Minister Boris Johnson and European Commission chief Jean-Claude Juncker could keep the positive mood alive until Monday, but there's reason for doubting that it'll last much longer than that. Between these levels and the mid-July high at 1.2580 the cross may struggle short-term, says Axel Rudolph, a technical analyst at Commerzbank. GBP/USD's advance from its current September low at 1.1958 continues to have the May and June lows at 1.2506/59 in its sights.
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