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Pound Stable on Soft Brexit Hopes04 April 2019 by Dave Evans

Morning Report: 07.00 London

This morning, the British pound is holding its ground amid growing hopes for a market friendly soft Brexit. The GBP/JPY is unchanged and holding above 146.50, the GBP/USD is also unchanged and trading below 1.3200, while the EUR/GBP is holding near the lows.

The dollar index is stronger after heavy loss yesterday on the back of weak ADP payroll numbers.

The EUR/USD is lower slightly after failing to break through the 1.1250 level yesterday. The AUD/USD is also backing off after surging to make good all of Tuesday’s losses.

The USD/CAD is higher again and attempting to break through the 1.3350 level for the first time this week. The USD/CHF is back on the rise after selling off following the failed break of 1.0000 on Tuesday.

Yen pairs are mixed, with the USD/JPY unchanged but within a short distance of breaking 111.50. The AUD/JPY is on the back foot, but holding the bulk of yesterday’s gains. Meanwhile, the EUR/JPY is unchanged after posting its highest levels for the week yesterday.

Gold is posting small gains, but generally continues to struggle after the late March slide.

Coming up today

Today, we have the ECB monetary policy meeting accounts at 11.30.

Canadian Ivey PMI is at 14.00.

Trade Idea

The GBP/USD is showing signs of stability as confidence for a soft Brexit grows as we enter the end game.

Pound Stable on Soft Brexit Hopes

There could be further upside for the GBP/USD and a good way to play this is a HIGHER trade predicting that the pair will close above 1.3300 in 14 days for a potential return of 121%.

Pound Stable on Soft Brexit Hopes