HelenRush

GBP Is Waiting For Wednesday

FX:GBPUSD   British Pound / U.S. Dollar
The Pound tried hard but was not able to sustain above the 1.35 area against the US dollar             . Theresa May failed the negotiations with EU’s Junker on Monday. At least, both sides declared they did not achieve any sufficient progress. Jean-Claude Juncker mentioned that Britain’s position is a tough one, so it is not easy to negotiate with it. It is quite possible that both sides would cut it close, at the last moment, in keeping with the highest European traditions.
The macroeconomic data receded into the background. The news on Brexit has become really important for GBP dynamics today. That involves political headlines and jitters. In light of this information, it is worth mentioning that a source from the UK Government said today the British leader could return to Brussels on Wednesday ‘to try to save a deal’. This is a positive news, obviously.
The Irish border is still a sensitive issue, but as Irish minister McEntee told today, ‘UK said all issues could be sorted in Phase 2 of the negotiations’.
Anyways, the markets believe everything will have been solved by the EU summit on December 14-15, where a go-ahead for future talks will be given, too.
The overall picture for the Pound is positive. The progress in negotiations will surge GBP to the area above 1.35 level and will aim the pair to September highs at 1.3657. Otherwise, if May and Co. fail, GBP will receive an uppercut and rebound below the 1.3290 area to its October range.
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