Sterling Shows Resilience in the Face of Brexit

UK pound is mostly higher today, gaining ground against its currency trading counterparts. Even though there are concerns about and exit from the European Union (called the Brexit), sterling is showing signs of life as US stocks gain ground. European markets are closed today for Easter Monday, so training is somewhat thin.

Sterling is doing pretty well today against its major counterparts. Soft data in the United States is helping the UK pound against the dollar. Stocks are also higher today, which generally favors the sterling. UK pound is also doing well against the euro today. With the European markets closed for the holiday, thin trading is working to the sterling’s advantage.

Weakness might be ahead for the UK pound, however. There is still a great deal of concern over a possible exit from the European Union. A Brexit might be difficult for the UK economy to overcome. Many of those who will be voting in a referendum on EU membership may not understand the impact that a Brexit would have.

At 14:34 GMT GBP/USD it Is up to 1.4256 from the open at 1.4131. EUR/GBP is lower, heading down to 0.7865 from the open at 0.7899. GBP/JPY is higher, gaining to 161.4340 from the open at 159.9550.

 

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