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Pound traders watch Supreme Court hearing against Parliament suspension.

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The pound gave back gains as discussions between Boris Johnson and the outgoing EU President Juncker were little constructive. Although the leaders decided to intensify talks, the UK will likely remain in no mans land with the absence of legally operational solutions to reach a comprehensive Brexit deal in the foreseeable future. Meanwhile, the UKs Supreme Court will discuss the case against Johnsons most controversial suspension of parliament. If the MPs are allowed to return, expect a decent rally in the pound.

Otherwise, the pounds recovery should remain topped near the 1.25 mark against the US dollar. The downside correction could stretch to 1.2390, the minor 23.6% Fibonacci retracement on September rebound. But Cable will remain in the bullish consolidation zone above the 1.23 mark, which stands for the major 38.2% retracement.

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About the author

Ipek Ozkardeskaya is a senior analyst at MBAex with a solid experience in the financial industry. She has strong technical background in economics and quantitative finance. Previously, she worked as a senior market analyst in London Capital Group, FX strategist in Swissquote Bank and as a client sales executive at HSBC Private Bank in Geneva. She also developed quantitative models in automatic trading as part of BCV’s Structured Products team. Ipek has a Master’s degree in Financial Engineering & Risk Management and a Bachelor degree in Economics from University of Lausanne.
Contributing  author since 11/09/2017

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