Abstract:On Wednesday, the pound jumped above 1.3060 against the U.S. dollar after the EU Chief Brexit negotiator Barnier said a deal with the UK was within reach.
WikiFX News (22 Oct.) - On Wednesday, the pound jumped above 1.3060 against the U.S. dollar after the EU Chief Brexit negotiator Barnier said a deal with the UK was within reach. The pair is expected to gain more momentum in future trading.
Barnier said that progress needed to be made in the next few days due to time constraints, while European Commission Vice-President Sefcovic said their objective was still to reach an agreement and “deal or no deal, the Withdrawal Agreement must be respected.”
These comments of senior officials again enforce the expectation for an orderly Brexit, stimulating GBP/USD to surge from around 1.2990 to 1.3064, up more than 70 pips.
Looking ahead, GBP/USD will gain more upsides from both the significant progress in Brexit negotiations and the short-term pressure on DXY. However, another deadlock in the negotiations is still possible considering the various differences between the two sides.
All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/wikifxIN
Chart: Trend of GBP/USD
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Please be advised that the following instruments' trading hours and market session times will be affected by the upcoming April holidays.
With the current bullish trend in cryptocurrencies, long positions for all cryptocurrency products (excluding USDTJPY) are incurring interest rate. Our company would have to reflect this on clients’ positions as well.
Please note that in observance of the upcoming Daylight Saving Time in EU/UK , there will be changes to STARTRADER's trading schedule from 31st March 2024.
We are pleased to announce that STARTRADER will launch new products on March 18th, 2024 to provide clients with a broader portfolio of products.