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Pound breathes sigh of relief as May seeks Brexit extension

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The British Pound roared back to life on Tuesday evening after Prime Minister Theresa May said she will be asking the EU for a “short” extension to the Article 50 process.

Buying sentiment towards Sterling was further supported by May’s offer to hold fresh talks with Labour. While the GBPUSD has scope to edge higher, it remains too early to come to any conclusions with investors waiting for further developments on this matter. Focusing on the technical picture, the GBPUSD has the potential to test 1.3210 if a daily close above 1.3100 is achieved. 

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