Central Bank Weekly: British Pound Carves Out Reversal Candles After BOE

Moving forward, for the British Pound to produce any sort of meaningful follow-through to today’s promising price action, a number of developments will need to break its way over the coming days and weeks. Primarily, economic data momentum needs to continue to improve to substantiate the BOE’s belief that the Q1’18 slowdown was “temporary.” Additionally, the Brexit drama surrounding UK Prime Minister Theresa May’s cabinet needs to be kept in the background (facing down a pro-EU rebellion in Parliament was a start).

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