The Sterling is trading on a firm note on Wednesday and takes GBP/USD to the 1.3080 region, coincident with the relevant 200-hour SMA.
The British Pound has resumed the upside today following a better tone in the risk-complex and auspicious results from the UK industrial sector.
In fact, Industrial Production expanded at a monthly 0.6% during February and Manufacturing Production rose 0.9% from a month earlier, both prints coming in above expectations.
Further data saw the trade deficit shrinking a tad to £14.11 billion in February from January’s £14.62 billion deficit, Construction Output expanding 0.4% from a month earlier and the GDP expanding at a monthly 0.2% on the 3-month basis ended in February.
Back to Brexit, EU leaders will discuss a longer extension of Article 50 deadline at today’s Summit in Brussels. In this regard, latest news signals to a potential extension of up to one year with the chance of leaving earlier, according to EC’s D.Tusk.
Source : FX Street