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British Pound (GBP) Latest: GBP/USD Still Sliding Lower as Brexit Talks Continue

British Pound (GBP) Latest: GBP/USD Still Sliding Lower as Brexit Talks Continue

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • GBP/USD continues to slide modestly lower as the EU-UK talks on a trade deal once the Brexit transition period ends keep going.
  • However, no progress is likely before the US elections next Tuesday so GBP/USD could yet move lower still.
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GBP/USD slide persists

The recent trend lower in GBP/USD persists, and there could yet be further modest falls, although support remains close to the 1.30 level.

GBP/USD Price Chart, One-Hour Timeframe (October 20-27, 2020)

Latest GBP/USD price chart.

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

For GBP/USD, the next big move is likely to be prompted by any signs of progress – or the lack of it – in the talks between the EU and the UK on their relationship once the Brexit transition period ends on December 31.

For now, hopes are high that a deal, albeit a very sketchy deal, can be reached eventually but nothing is likely before next Tuesday’s US elections.

In the meantime, GBP/USD will likely be buffeted by the rise in coronavirus cases in the US and Europe, and the lack of an agreement on a US stimulus package, although Nancy Pelosi, the speaker of the US House of Representatives, says she remains hopeful.

We look at currencies 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

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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