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British Pound Latest (GBP) - Are the UK and EU Nearing a Brexit Agreement?

British Pound Latest (GBP) - Are the UK and EU Nearing a Brexit Agreement?

Justin McQueen, Strategist

GBP/USD, EUR/GBP Price Analysis & News

  • Are the UK and EU Nearing an Agreement?
  • GBP/USD Trading in Choppy Fashion

Are the UK and EU Nearing an Agreement?

Unlike a few weeks ago, trade negotiations between the EU and UK are starting to show subtle signs of progress. UK press reports surrounding this week’s informal talks ahead of the ninth round of negotiations next week have provided a sense of cautious optimism that a no-deal will be avoided. Issues such as the EU giving the UK third country status look to have been resolved with The Times noting that the UK are confident that the EU will give it third-country status, thus allowing for agricultural goods to move freely between the Great Britain and Northern Ireland, this is particularly important given that it was among the main factors for the UK to press ahead with the Internal Market Bill (IMB). In turn, while GBP/USD if off lows the pair will likely remain choppy until a deal in principle is reached.

GBP/USD Trading in Choppy Fashion

While risks may be starting to skew to the upside in Brexit negotiations, GBP/USD continues to trade in choppy fashion, with pullbacks finding support at 1.2720-30, which comes ahead of 1.2690. On the topside, resistance resides at 1.2790-1.2800 where a break above opens the doors to 1.2855-65.

GBP/USD PRICE CHART: DAILY TIME FRAME

British Pound Latest (GBP) - Are the UK and EU Nearing a Brexit Agreement?

Source: Refinitiv

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