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“Tone” and the market. FIBO Group review.

ByFIBO Group
Published 01/19/2017, 08:06 AM
Updated 03/09/2019, 08:30 AM

Britain Prime Minister Teresa May’s press conference became a strong factor in the strength of the British currency. Her announcements about a hard Brexit, migration issues and bringing the legislative framework under control have faded away. The tone of the press conference and the fact that the every part of Brexit will have to be approved by the British parliament aroused a storm of emotions and investors’ approval who jumped into British pound long positions. After the Prime minister’s press conference the British currency gained more than 350 points.

Countries representatives’ tones affect investors´ mood and national currency conditions. Let us recall a recent press conference of the future US president Donald Trump. His aggressive accusations against some people and assaults on some countries caused a run towards the American currency.

I would like to mention that recently macroeconomic indices in Britain have been inspiriting. For example, consumer price index in Britain turned out to be better than usual on a monthly and yearly basis. Forecasts (in December: the previous index was 0,2%, forecast — 0,3%, the current index — 0,5%; for the whole year: the previous index was 1,2%, forecast — 1,4%, the current index — 1,6%).

Technically, there is still room to grow for the British currency. The upper frontline of the sideways trend of GBP/USD currency pair is the mark 1.2750, so the resistance is located on this level.

Teresa May’s tone appeals to investors, The Prime Minister´s vision inspires confidence and brings hope for a bright future of the United Kingdom.

The review was prepared by FIBO Group analyst Tatiana Leyko.

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