GBP Looking Up in Hopes of Progress on Brexit Deal

The Cable surged past 1.31 on Friday and has been holding at this level since then


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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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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