GBP Looking Up in Hopes of Progress on Brexit Deal - Forex News by FX Leaders

GBP Looking Up in Hopes of Progress on Brexit Deal

Posted Monday, May 6, 2019 by
Arslan Butt • 1 min read

Things have been looking up for GBP/USD on account of progress in Brexit talks. The Cable surged past 1.31 on Friday and has been holding at this level since then. The move was triggered on opposition Labour Party’s comments insisting that it’s high time to end the deadlock over Brexit and finalize a deal.

The GBP also rose to a one-month high against the Euro after this news, with EUR/GBP trading at around 0.85 at the time of writing. The optimism among GBP traders could also be the effect of the 3-day weekend in the UK, which could have prompted them to close short positions.

The election results have convinced Jeremy Corbyn, leader of the Opposition, to fast-track Brexit discussions and get it passed through the Parliament at the earliest. Markets clearly continue to remain tuned to any news coming out that shows Brexit talks are making progressing.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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