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Sterling reaches 11-week peak on hopes for new Brexit plan

Sterling scaled an 11-week high on Friday after The Sun reported that Northern Ireland’s Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May’s Brexit deal next week.

The pound has climbed about 1.8 percent this week, moving above the key psychological level of $1.30 to the dollar on hopes the United Kingdom might avoid a no-deal Brexit on March 29.

The Sun report pushed the pound 0.4 percent higher to $1.3114, its highest since Nov. 8, in Asian trade.

Against the euro, sterling gained 0.25 percent to 0.8631. It advanced 0.35 percent versus the Australian dollar to 1.8478.

“If this report is true, I expect sterling to rally to 1.32 versus the dollar. A technical breakout to 1.38 is also a possibility,” said Michael McCarthy, chief markets strategist at CMC Markets in Melbourne.

Source: CNBC


 Trader Georgi Bozhidarov


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