The Pound Is Surging In Asian Trade

After Fed Chair Janet Yellen’s somewhat dovish comments overnight the US dollar is a little on the nose in Asian trade this morning, losing ground against the Euro and the Yen.

But it is the British Pound which is the biggest mover having triggered stops, according to Eammon Sheridan at ForexLive.com, taking it to its highest level since 2009.

Based on the strength of the uptrend many technicians believe that the Pound can strengthen further in coming weeks while Peter Esho, Chief Market Analyst at Invast told Business Insider that the fundamentals are also supportive with a “large wealth effect in UK economy now taking effect and so hard for BOE to hold off from moving in the next 6-12 months”

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