Sterling did not move much on the back of UK's sterling data.
Fundamental Analysis
The UK average erarning index moved slightly to the upside with a reading of 3.4% vs forecast of 3.2%. This was a critical number for Sterling bulls and given that the number was pretty much same as the forecast, it provided no support for Sterling. The focus remains on Brexit chaos.
The length of the Brexit extension is going to be the main denominator for Sterling and this would drive the price. Longer extension means more uncertainty and this would open the door for a few possibilities: General election, May resigning from her position or maybe another referendum.
There is just too much uncertainty now when it comes to Sterling and larger bets are in favour of a downward move.
Technical Analysis
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