Pound Extends Gain After May's Speech
January 17 2017 - 3:08AM
RTTF2
The pound extended its early gain against its major rivals in
the European session on Tuesday, after the U.K. Prime Minister
Theresa May confirmed that the final 'Brexit' deal entered with the
European Union will be put to vote in the parliament.
Although Britain will also not seek to remain in the single
market, it will try to gain the "greatest possible" access to it,
May said in a speech at the Lancaster House.
She also said the days of the UK making vast monetary
contribution to the EU will end.
The prime minister sought a 'fairer, more secure, united and
outward looking' Britan after 'Brexit'.
The pound spiked up to an 11-day high of 1.2346 versus the
dollar and a 4-day high of 140.02 against the yen, from its early
lows of 1.2017 and 137.06, respectively.
The pound climbed to 5-day highs of 0.8668 against the euro and
1.2358 against the Swiss franc, off its previous lows of 0.8818 and
1.2147, respectively,
If the pound extends rise, it may locate resistance around 1.25
against the greenback, 142.00 against the yen, 0.85 against the
euro and 1.25 against the franc.
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