Softer US data and pound demand into the London fix spark bid
The pound is in positive territory on the day after falling by as much as 60 pips. The turnaround has taken place in the past hour. It began on soft US PMIs from Markit and has extended in the past few minutes on fixing demand.
Elsewhere, the US dollar has leveled out after the day, in part due to fresh record highs in the stock market.
Focusing on cable, the turnaround today highlights support at 1.2400 and builds a minor uptrend. Overall, the pair continues to consolidate as the calendar counts towards Article 50. What I find strange is the anticipation of the announcement on a Brexit. At this point, there is no uncertainty left -- it's 99.9% likely to happen. That said, the market seems to be waiting for the announcement.
