The pound surged across the board after Prime Minister May stated she will ask for further extension of Article 50, to give Britain time for an orderly exit. She also expressed her willingness to sit down with the opposition to try to come up with a plan. Markets cheered the news as this looks like a softening stance from the PM. The fear of a hard breakup is receding while the prospect of a soft Brexit has risen to a new level.

On the technical side, cable is rising back from the 1.2980 support level. 1.3260 is a key resistance ahead. On the downside, 1.3140 is the immediate support to monitor.

The sentiment-price correlation chart shows the sentiment struggling to break above the neutral line. Daily news sentiment is moving lower and in 50% of the last 10 occurrences price has fallen within 9 days.

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