Sterling rallied against its major counterparts in the European session on Tuesday
2018-07-10 02:05 pm | Resource: NEWS | No Views : 74
Sterling rallied against its major counterparts in the European session on Tuesday amid risk appetite as investors shrugged off trade concerns and looked to a strong quarterly earnings season.
Traders caught up with political unrest in the UK, with the resignation of Foreign Minister Boris Johnson and British Foreign Secretary David Davis putting the British government in a state of chaos.
The cable rose to 1.3301 against the US dollar from a low of 1.3224 at 2:15 pm Eastern Time. The cable is likely to find resistance around 1.34.
The British currency advanced to 147.77 against the yen, the strongest since June 14. GBP sees resistance around 149.00.
The pound rose to 1.3194 against the Swiss franc, from an early low of 1.3125. The next potential resistance for the GBP is around 1.33.
And slipped from an early low of 0.8875 against the euro, to 0.8828. If the pound continues to rise, 0.87 is likely to be seen as the next resistance level.
Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term. The USDJPY is still facing resistance and selling pressure around level of 114.08 as it moves within a trading range between 114.08 as a upper boundary and 113.58 as the lower boundary of the trading range. This comes after the USD/JPY broke the lower boundary of the rising wedge as we mentioned…
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