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Brexit Briefing: Trump Backs Brexit at NATO Meeting in UK

Brexit Briefing: Trump Backs Brexit at NATO Meeting in UK

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • US President Donald Trump, in the UK for a meeting of the NATO defense organization, has again backed Brexit while staying clear of UK politics.
  • GBP/USD has broken above resistance at 1.30.

GBP jumps; Trump supports Brexit

US President Donald Trump, who is in the UK for a 70th anniversary meeting of the NATO defense alliance, has again voiced his support for Brexit. Speaking on a three-day visit, Trump said he would stay out of the UK General Election but that he is a fan of Brexit and thinks UK Prime Minister Boris Johnson is very capable” and will do a good job.

His comments came as a row over the funding of the UK’s National Health Service rumbles on, with the main opposition Labour Party still arguing that post-Brexit talks with the US on a new trade deal could see the UK forced to accept US corporations gaining access to elements of the NHS or pushing up drug prices.

In the meantime, GBP/USD has finally broken above the 1.30 round-number resistance level, although that appears unrelated to the General Election or Brexit.

GBP/USD Price Chart, Hourly Timeframe (November 27 - December 4, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Brexit Glossary - Brexit Jargon and Terms Explained

GBP/USD has not topped 1.30 since May this year and Sterling also climbed to a seven-month high against the Euro, with EUR/USD challenging support at 0.85.

Brexit Timeline – The Path Ahead

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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