This is a rare positive performance for the pound, and GBP jumped by the most since July, as the market rushed to buy the fact after selling the rumour of May’s speech. It is worth remembering that since the Brexit vote last June, rallies in the pound have been fairly weak, while sell offs have been harsh and prolonged. It is too early to know if the negative impact of politics on the UK currency is starting to wane. However, if GBP/USD can continue this rally into the end of this week, and move back towards 1.25, then it could suggest that the UK currency is developing a natural resistance to Brexit.//
