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Sterling (GBP) Hit Further as EU Hardline Countries Push for a No Deal

Sterling (GBP) Hit Further as EU Hardline Countries Push for a No Deal

Nick Cawley, Strategist

Brexit Outlook and Sterling (GBP/USD) Price, Analysis and Chart:

  • Initial morning sell-off in Sterling stemmed.
  • Latest report ramps up fear of a no-deal.

Trade talks between the EU and UK are seemingly breaking down with a group of hardline EU countries, including France, pushing for a no-deal unless the UK government make significant concessions in the coming days, according to a report in The Times. The report suggests that if the UK refuses to budge that a no-deal would happen before a re-start of negotiations sometime next year.

The latest media reports now suggest that UK PM Boris Johnson is willing to lower his fisheries demand in an effort to unlock negotiations.

Earlier today, chief EU negotiator Michel Barnier told EU member states that there was a serious chance of a no-deal outcome over the coming days.

With only a few days left before the negotiating clock finally runs down, expect further stories, rumors, and reports to push Sterling one way and the other.

British Pound (GBP) Latest: GBP/USD Gains Reversed on Trade Talk Pessimism

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GBP/USD 15 Minute Price Chart (December 2, 2020)

GBP/USD Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -9% 6% -4%
Weekly -33% 152% -2%
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What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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