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British Pound (GBP) Latest: Creeping Higher Ahead of Brexit Talks

British Pound (GBP) Latest: Creeping Higher Ahead of Brexit Talks

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • GBP/USD continues to rise within an upward-sloping channel on the charts in place since Thursday last week.
  • That suggests further near-term gains as the EU and the UK prepare for talks next week on the future relationship between the two that will likely be awkward.

GBP/USD continues to climb

GBP/USD remains in an upward channel on the charts, suggesting further short-term gains even though negotiations that begin Monday between the UK and the EU on their relationship after Brexit will likely be tough.

GBP/USD Price Chart, One-Hour Timeframe (February 20-26, 2020)

Latest GBP/USD price chart.

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

For now, the key levels to watch are 1.3031 to the upside and 1.2923 to the downside, with any break of these channel trendlines expected to send GBP/USD higher or lower respectively.

The pair’s modest advance over the last few sessions has come despite concerns that the talks starting Monday will be hard, with issues such as the Irish border, fishing and a rejection by the UK of a future alignment with EU rules all possible hurdles.

The first round of negotiations will take place in Brussels from Monday to Thursday, followed by a second round in London later in March.

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

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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