Sterling Tiptoes Up As PM May Seek Brexit Delay

Sterling Tiptoes Up As PM May Seek Brexit Delay”

A convincing break through the said confluence support will confirm a near-term bearish breakdown and accelerate the slide towards the 1.2900 handle before the pair eventually drops to test the 1.2865-60 support area.

While the Pound's movement has been limited on uncertainty over whether a Brexit will be delayed or not, the New Zealand Dollar has been unappealing recently. On the downside, 0.88 is possibly seen as the next support level for the pound.

As a result, the Pound has been unable to benefit from this morning's stronger than expected United Kingdom growth data. It is at that area that we should see the extraordinarily strong demand for the British pound as it becomes extraordinarily cheap.

On the eve of an European Union summit of national leaders due to decide on whether to grant Britain another Brexit delay, the euro zone's chief negotiator Michel Barnier said the length of any second postponement beyond the current date would depend on the rationale presented by May. The UK's Office of National Statistics reported that Industrial and Manufacturing Production were up in February, at 0.6% and 0.9%, respectively beating analysts' expectations across the board, on a month-over-month basis. The stronger growth was partially caused by Brexit stockpiling according to the report, so the growth outlook remains uncertain. This has been due to a mixture of US Dollar (USD) weakness, as well as stronger United Kingdom data.

The Reserve Bank of New Zealand (RBNZ) has indicated that it could cut New Zealand Dollar exchange rates in the foreseeable future, with some investors betting it could happen as soon as the coming months. The Pound to Danish Krone exchange rate is now trending in the region of 8.6833.

Analysts generally expect that another delay to the Brexit process is likely, and a delay is already largely priced into the Pound.

"For the pound it seems like a fairly binary outcome of either a hard exit or a long delay, neither of which are positive for the currency in the medium term", said Neil Jones, head of hedge fund sales at Mizuho in London.

Due to Brexit uncertainties and strong US growth data, GBP/USD edged lower last week after failing to sustain any of the Pound's mid-week gains.

NZD may even be in for further weakness if upcoming U.S. inflation and Federal Reserve meeting minutes news impresses investors and dampens risk-sentiment. The pound is seen finding support around the 143.00 level.

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