News and Market Analysis

European Head Sparks Brexit Positivity

The new European Head Pascal Donohoe has excited traders although the ongoing tension between the EU and the UK worsens. Stating that all that needs to happen is for “Britain to respect existing agreements like withdrawal agreement”.

But how has this affected the pound? Although we saw a bounce from its seven week lows, the GBP/USD has come back as the no-deal Brexit remains on the table. Keep an eye out for 1.2750. As a break past this level would confirm the trend and we would target 1.2670. On the flip look for a break past 1.2665 for a potential target of 1.2550.

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