The Pound Is ‘Very Cheap’ for This Currency Strategist
- Sterling advances to touch strongest level since October
- Buying by interbank investors triggers stops, says trader
President Trump Calls for 'Biggest Tax Cut'
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The pound rose to its highest level since October versus the dollar, which faltered after investors cited a lack of clarity in tax plans unveiled by President Donald Trump’s administration.
Sterling advanced for a third straight day to test the psychologically significant 1.2900 level against the U.S. currency. Demand from interbank investors triggered stops above 1.2905, according to a trader in Europe who asked not to be identified as the person isn’t authorized to speak publicly. The currency has advanced almost 3 percent since Prime Minister Theresa May announced snap elections earlier this month.