The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Does the British pound have any chance?
Information is not investment advice
As the Brexit situation does not become any brighter, the British pound suffers, too. The British Prime Minister Theresa May is expected to step down from her post by the end of June. This fact does not reduce the risks of a no-deal Brexit due to the lack of certainty in the final divorce deal with the EU.
However, today the GBP may be supported. The news that Theresa May will make the proposal for her deal at 17:00 MT has pushed the cable to the resistance at 1.2822. If she announces significant changes today, it will rise higher. On the other hand, if she fails again it will slide below the 1.27 level. The next support will lie at 1.2603.
The stochastic indicator has formed a crossover in the oversold and RSI has tested the border of the oversold zone.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
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