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Sterling to break higher ?

12/03/2018

Sterling (GBPUSD) is showing signs of resilient demand and looks like a test of its recent 1.3920 highs could be on the cards. In truth Sterling is undervalued at these levels, and looking Medium Term there is potential here for Bulls.  The market is shrugging off the slow-motion car-crash that is the UK Government’s handling of the Brexit talks with the EU and which do not appear to be any closer to a resolution. The approach the UK Government in caving in at every opportunity to the increasingly insatiable demands from the EU is rather like watching a small bird trying to satisfy the appetite of a cuckoo many times larger than itself. Were I a composer I could hardly fail to see the potential of the libretto for a comic opera in the whole spectacle.

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