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GBP/USD trade above key support


The cable extends its recovery from below 1.41 handle for the third straight session, with the recent rise in the pound largely attributed to the Brexit poll results shifting in favour of the ‘remain’ camp, especially after the treasury analysis on the EU referendum, revealing that a vote to leave would mean Britain would be worse off by £4,300 a year per household.

Overnight, the dollar remained broadly lower against the other major currencies in quiet trade on Monday, as markets were jittery after major oil producers failed to reach an agreement on an output freeze and as Friday’s downbeat U.S. data continued to weigh.

The greenback remained under pressure after reports showing that U.S. industrial production fell more than expected in March and consumer sentiment deteriorated slightly this month.

Focus turns towards the US housing data for further incentives on the major. Apart from the data, BOE Governor Carney speech will be closely heard for fresh hints on the UK economic as well as interest rates outlook.

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