Sterling Slumps Versus Dollar on Mounting Political Uncertainties
British Pound nose-dived to the lowest level since last Friday against the dollar amidst rising uncertainties concerning the U.K. politic developments while economic data showed U.S. consumer confidence surged to a more than 16-year high in March.
The pound retreated on Tuesday ahead of a highly-anticipated move by the Prime Minister Theresa May on Wednesday. The U.K. PM is expected to invoke Article 50 to start the Brexit process tomorrow by send a letter to Donald Tusk, President of the European Council, notifying him that Britain is leaving the European Union. Meanwhile, the Scottish parliament further complicated Britain’s political turmoil as it backed First Minister Nicola Sturgeon’s bid for a new independence referendum.
By contrast, the dollar was supported after the Conference Board reported its consumer confidence index jumped 9.5 points to 125.6 this month, the highest reading since December 2000.
Sell Stop at 1.24800, Take profit 1.24300, Stop loss at 1.2500