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GBP Turns Optimistic as Brexit Discussions Make Progress

On Tuesday, GBP/USD turned optimistic and traded higher over reports that Brexit discussions betweek the UK government and the opposition have managed to make some progress. The forex pair crossed the 1.30 mark, reaching a two-week high.

British PM May has been trying hard to get the opposition Labour party to help pass the Bexit deal through the Parliament, and wants both parties to come to an agreement as soon as mid of next week.

The deadlock in Brexit discussions had caused the GBP to touch a two and a half month low against the US dollar. The EU remains optimistic that Britain’s leading political parties will conclude their discussions and reach a consensus on Brexit soon.

Meanwhile, the BOE’s interest rate decision is due on Thursday. However, markets expect no change in rates until Brexit is resolved. What will be of interest will be any other comments from Governor Mark Carney in his address.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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