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British Pound (GBP) Latest: GBP/USD to Consolidate as Brexit Talks Resume

British Pound (GBP) Latest: GBP/USD to Consolidate as Brexit Talks Resume

2020-10-22 08:00:00
Martin Essex, MSTA, Analyst
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GBP price, Brexit news and analysis:

  • GBP/USD will likely consolidate near-term after its jump Wednesday to its highest level since September 7.
  • Talks between the EU and the UK resume Thursday afternoon in London as the two sides try to agree a deal to govern their trade after the Brexit transition period ends on December 31 but the two remain far apart.
  • Before that, UK Chancellor Rishi Sunak is expected to announce extra aid for businesses hit by the coronavirus pandemic.
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GBP/USD set to consolidate Wednesday’s gains

GBP/USD looks set to consolidate near-term after its jump Wednesday to its highest level since September 7, more than six weeks ago, on news that the EU and the UK are to resume talks on their trade relationship once the current Brexit transition period ends on December 31.

The negotiations will restart Thursday afternoon and are planned to continue over the weekend despite few signs that the two sides are close to agreeing on the key issues in dispute: fisheries, state aid and dispute resolution.

GBP/USD Price Chart, Daily Timeframe (July 6 – October 22, 2020)

Latest GBP/USD price chart.

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

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In the meantime, UK Chancellor of the Exchequer Rishi Sunak is due to make a statement to the Westminster Parliament Thursday in which he is expected to announce extra help for businesses hit by the Covid-19 pandemic.

More broadly, though, GBP/USD could be held back by any further move into the safe-haven US Dollar as traders worry about the lack of progress on a new stimulus package for the US economy and surging coronavirus cases.

GBP/USD BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 18% -9% -1%
Weekly 16% 8% 11%
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--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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

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