GBP/USD Update – 13/06/2017 (11:34am):
GBP has traded back towards critical support areas. Yesterday, the market traded political uncertainties with the view that a softening of the British negotiation stance would have no impact of EMU’s negotiation position, a view we disagree with. There is a meeting scheduled between PM May and DUP leader Arlene Foster to finalise a working arrangement between the two parties. GBPUSD support remains at 1.2635 short term, ahead of 1.2600 and 1.2500, with resistance at 1.2770 and 1.2830. EURGBP support at 0.8800, ahead of 0.8735 and 0.8655, with resistance ahead of 0.8870, 0.8900 and 0.9000.