Latest data concerning the flows of foreign currency shows the British pound has been subject to ‘aggressive’ buying.
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The UK Treasury has revealed what they believe to be the “immediate economic impact of leaving the EU” which cites a negative shock to both jobs and the pound sterling exchange rate complex.
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We have been warning over the past 24 hours that a number of key GBP pairs were looking incredibly overbought, and that a correction lower would be required to balance the market.
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Pound sterling has made a fresh bid for fresh highs courtesy of data that confirms suggestions that that UK economy is slowing down is an exaggeration.
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Recent pound sterling gains look more sustainable in the wage of news wages and employment data have beaten analyst expectations in mid-week.
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Pound sterling enjoyed a strong recovery through April but gains have since stalled, and under-par data releases have certainly played their part.
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Pound sterling was a winner of what was arguably the most anticipated Bank of England inflation reports of recent times.
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