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Sterling is up more than 220 pips in last two days, among which one was US holiday. Pound traded as low as 1.516 against Dollar and today it is trading around 1.54 against Dollar.
So what factors are behind Sterling's strong run?
There could be n number of factors behind sterling's move, however we are here focusing on few prominent ones.
- Japan's Mitsui Sumitomo announced takeover of UK's Amlin for £ 3.5 billion, which is naturally a boost for Pound against Yen. GBP/JPY is up 1.25% today, trading at 184.7.
- In consecutive 9 days of decline Pound lost about 650 pips against Dollar, naturally a sharp rise correction was due. Pound is currently trading at 1.541 against Dollar, up 0.9% today so far.
- Pound is benefiting from overall risk-on revive for past two days, as it declined sharply when risk aversion hit markets over China.
However, there are no signs as of now, that recent decline in Pound is on its reversal course. So current rally could turn out as correction and Pound might soon resume its down trend. Key resistance lies at 1.543 and 1.55 area against Dollar.
