No Brexit deal likely to be agreed this week

09 Novembre, 2018, 12:42 | Auteur: Auguste Feret
  • Sterling bounce on Brexit deal optimism

As reported at 11:24 am (GMT) in London, the GBP/USD was trading lower at $1.30, down 0.22% and well off the session peak of $1.3086.

The Pound had been rallying this past week, gaining almost 3% on hopes of a breakthrough deal with a compromise for the Irish border.

Looking ahead to the second half of the week, we could see the GBP/USD exchange rate punch even higher by the end of the week as the United Kingdom publishes its latest GDP figures. The impact on forex market following final announcement of election results was very low as market had already priced in the outcome with most analysts and investors having predicted well ahead of elections that the congress would likely hold a split control and such an outcome is going to be bearish for United States dollars in long term as Trump administration is going to have hard time pushing through legislations and democratic party is expected to probe into Trump's Russian ties which could greatly affect price action of US Greenback in broad market.

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Investors have now shifted their focus back to Brexit and United Kingdom politics.

GBP, which has been most sensitive to Brexit developments, is now well placed to advance further despite comments by Irish Prime Minister Leo Varadkar suggesting that the chances of a withdrawal agreement this month are fading, while next month remains a possibility.

In absence of any major market moving United Kingdom economic releases, the incoming Brexit headlines might continue to influence sentiment surrounding the British Pound and produce some meaningful trading opportunities. Little data of note is slated for the economic calendar for today resulting in GBP traders gearing up for the UK's GDP reading, due tomorrow.

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