Pound Extends Gain After May's Speech

The pound extended its early gain against its major rivals in the European session on Tuesday, after the U.K. Prime Minister Theresa May confirmed that the final 'Brexit' deal entered with the European Union will be put to vote in the parliament.

Although Britain will also not seek to remain in the single market, it will try to gain the "greatest possible" access to it, May said in a speech at the Lancaster House.

She also said the days of the UK making vast monetary contribution to the EU will end.

The prime minister sought a 'fairer, more secure, united and outward looking' Britan after 'Brexit'.

The pound spiked up to an 11-day high of 1.2346 versus the dollar and a 4-day high of 140.02 against the yen, from its early lows of 1.2017 and 137.06, respectively.

The pound climbed to 5-day highs of 0.8668 against the euro and 1.2358 against the Swiss franc, off its previous lows of 0.8818 and 1.2147, respectively,

If the pound extends rise, it may locate resistance around 1.25 against the greenback, 142.00 against the yen, 0.85 against the euro and 1.25 against the franc.