It gets knocked down and then it gets back up again: recent trade in sterling is much like the performance of underdog boxer Rocky in the popular U.S. film series, but the behavior is also a sign that sentiment towards the weak currency is changing, says one strategist.
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Although economic data out of the U.K. remains weak, the bad news now appears to be priced into the British pound and from a technical point of view, the currency's fall against the dollar appears to have bottomed, said Ed Ponsi, managing director at Barchetta Capital Management in New York.
"At this point (sterling/dollar) cable is looking like a British Rocky Balboa. The market keeps giving it a shot but it's got the iron jaw and keeps coming back for more," Ponsi told CNBC's "Asia Squawk Box."
"I like that, I think that's trying to tell us something because when sentiment changes later on we figure out why that happened, but I think we are seeing sentiment change right now with the British pound," he added.
The fact that sterling has seen a series of higher lows and higher highs against the dollar was a positive sign, Ponsi added.
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