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GBP/USD – Can Pound Carry On?
It looks like Brexit isn’t happening. At least that’s what the charts are showing us as cable continues to rally for the second day in a row putting in higher low and challenging the 1.4400-1.4500 resistance area. Although the actual vote isn’t scheduled until June, the currency markets appears to have have up its mind that the Leave campaign just doesn’t have enough juice to threaten the status quo.
Things can of course change rapidly and cable can once again come under assault, but at least for now the pair appears to have found a sustainable bottom above the 1.4000 level and looks to want to squeeze higher towards key resistance at 1.4500. With attention slightly off politics for now, the market may focus on macro data instead and to that end tomorrows UK labor numbers could be key to any further upside action. The primary focus will be on wages. If those show any signs of increase cable could quickly see 1.4500 in days ahead.