The British pound renewed bullish courage emerging in the overnight’s session and fuelled the climb to an intraday high of 1.3017 despite soft U.K. data on Tuesday.
The February UK CBI Distributive Trade Survey on realized sales showed a modest 1.0% increase against the 4.0% expected.
The report showed that sales remained flat and orders fell in the year to February, although there has been an improvement in investment plans when compared to the previous quarter.
The EU released the Political Declaration, a document set to be the base of the upcoming trade relationship with the U.K.
The kingdom will release its declaration next Thursday, although Downing Street responded to the EU, claiming that the U.K. deserves the same respect to autonomy as other major economies such as Canada and Japan, and mentioned that the EU doesn’t demand a level playing field when dealing with the US.
From the technical assessment, with the short-term neutral now awaits opportunity which could return if we witness a rejection from 1.3025. This, in turn, reopens the way back to 1.2845.