Sterling drops towards $1.29 as technical trigger fuels sell-off 11:50am EST [Reuters]
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Source: Reuters
Sterling drops towards $1.29 as technical trigger fuels sell-off | Reuters 4 Min Read LONDON (Reuters) - The British pound slumped to two-week lows on Tuesday after weak survey data and uncertainty about Brexit talks pushed it below a key market level, forcing some large investors to cut some bets. While a weak Purchasing Managers’ Index (PMI) report was the initial catalyst for the fall, sterling’s losses accelerated after it broke convincingly below the 200-day moving average against the resurgent dollar — an important technical level that prompted more investors to join the sell-off. With uncertainty over the outlook for Brexit negotiations sapping broader demand for the pound with less than two months to go before Britain is due to leave the European Union, the currency rapidly fell more than half a percent against the dollar and euro. “Some solid investor-style sell flows are going through the sub-$1.30 levels responding to combination of technical, economic and political sell si
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