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Things Looking Up For Sterling?

Bullish strength helped recover the market for the majority of yesterday’s session. After breaking through the moving averages, results from the vote against Theresa May brought a small amount of volatility into the market.

Despite the fact that Theresa May will retain her position as Prime Minister, there was still over 100 votes against her which shows that there is still a lack of faith towards the PM within her own party, let alone the rest of Parliament. With this, the market hesitated slightly before finding support at the 1.2620 level in line with a retest of the moving averages.

Overall, yesterday’s outcome was more good than bad (as the UK remains essentially in the same position as the prior day with regards to Brexit) and the current candle is seeing a continuation of bullish momentum as we look towards 1.2700 and 1.2750 as potential reversal regions.

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