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Brexit Newest: GBP Rises as EU-UK Agree Future Ties, Nevertheless, Hurdles Stay

GBP Evaluation and Speaking Factors:

GBP Rises as EU and UK Agree Future Ties

Challenges Forward Stay

See our quarterly GBP forecast to study what’s going to drive costs by mid-year!

GBP Rises as EU and UK Agree Future Ties

GBPUSD rose to session highs, taking out the 1.29 deal with after stories had emerged that the EU and UK have agreed on a draft textual content of political declaration on future EU-UK ties after Brexit. Throughout the textual content, the EU and UK had said their “dedication” to interchange the backstop sooner or later, with the EU contemplating technological options to keep away from an Irish border. Alongside this, the EU and UK may even commit to construct on single customs territory. Going ahead, the political declaration will now be despatched to the EU27 for his or her approval on the EU Summit on Sunday, whereby PM Could will carry the settlement earlier than the Home of Commons for the significant vote. As we speak will see Theresa Could make a Brexit assertion to parliament at 1430GMT.

Challenges Forward Stay

Whereas GBP is buying and selling at elevated ranges on the again of those newest stories, it won’t be lengthy be merchants refocus their consideration again on the hurdles that Theresa Could faces forward, most notably the significant vote. Thus far, the Prime Minister has garnered little help for her Brexit plans, which has left the federal government cut up into a number of factions. In mild of the settlement, as critics seem, GBP positive aspects are prone to be ease.

The significant vote is crucial for the longer-term course for GBP, and with probabilities considerably slim that the Brexit settlement will likely be handed by parliament, uncertainty persists and might as soon as once more preserve the Pound weak as no-deal dangers rise, whereas failure will doubtless result in a no-confidence vote in Theresa Could

GBPUSD PRICE CHART: 5-Minute Time-Body (Intraday)

Brexit Latest: GBP Rises as EU-UK Agree Future Ties, However, Hurdles Remain

Chart by IG

GBP Technical Evaluation

Further Brexit Evaluation

TRADING RESOURCES:

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX


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