The 1.2375/80 area is showing its hand again
As the quid reels from more Scottish and Brexit mischief we find that trusted levels are still in play.
Over the weekend we had news that the Scots would push for another referendum. That song hasn’t changed. We also had some comments on the weekend political shows, one notably from Home Sec Amber Rudd saying that there was no possibility of the government agreeing to House of Lords amendments to the Brexit bill. That comment is likely to be weighing on the quid too, even though this is an expected part of the process. The bill will be batted backwards and forwards until common ground is found. Unfortunately, the market is not up on the finer machinations of UK politics so headlines like that can have traders reaching for the sell button first and asking questions second.