Last week, the British Pound hit a three month high against a basket of its major currency rivals, following a poll that showed the 'Bremain In' camp was consolidating an 18 point lead in the upcoming referendum on Britain's status in the European Union.
FXTimes (press release) (registration) - May 24, 2016
The British Pound traded higher vs the Swiss franc, and the daily chart of GBPCHF looks bullish. The pair is currently trading near the 200-day simple moving average, which buyers must break in order to ignite more gains.
The British Pound nudged higher versus other major currencies (at the time this report was written) after today's Preliminary 1Q'16 Gross Domestic Product (GDP) figures showed the UK's economy grew slightly better than expected.
Therefore whilst the establishment press has been continuously pumping out the false stories of a plunging currency on BrExit fears, instead the reality has been one of the British Pound rising on BrExit hopes! And given the upward trend trajectory the ...
FXTimes (press release) (registration) - May 19, 2016
The Euro was crushed vs the British Pound, as the EURGBP pair traded below the 0.7700 support area. There was a contracting triangle pattern break noted on the 4-hours chart of the EURGBP pair, which ignited a downside move.