U.K. Pound Rises Above $1.42

poundPhotographer: Miles Willis
  • U.K. Pound Rises Above $1.42

The British Pound gained for a second consecutive day following the report that the U.K. Labour party is seeking an amendment to key Brexit legislation to prevent U.K from leaving the European Union without a deal.

The positive news delighted traders and further strengthens the Pound attractiveness above the $1.42 price level against the U.S dollar. Suggesting that the recent better than expected economic fundamentals and Brexit positive news are aiding pound’s outlook.

GBPUSDWeekly

Also, the US uncertainty due to the tariffs imposed on Chinese imports is hurting the U.S dollar, therefore, the pound is likely to sustain current gain in the near term as shown above.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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