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Wednesday, April 19th

Seems that pound’s bulls are feeling exhausted today after yesterday’s huge rally, based on fresh UK PM T.May’s announcement, that forced the GBP/USD pair to refresh its half-year highs just above 1.2900 level, that is almost 4 figures higher than Tuesday’s lows. Yesterday T.May made a statement regarding the potential call for snap elections on June 8th. The market took this announcement as an attempt by the prime minister to consolidate her positions, implying May’s confidence of a win in the election, that could give her a strong mandate to get a good negotiation deal over Brexit. Currently the major is trading around 1.2820 level down from its overnight highs, marked at 1.2858, as the pound corrects lower against its main competitors. Looking ahead, today amid lack of fresh fundamentals the market will stay closely watching for any further developments around the Brexit.