GBP/USD Trading Steady as Johnson Heads to New York, Expectations for a Brexit Deal Support - Forex News by FX Leaders

GBP/USD Trading Steady as Johnson Heads to New York, Expectations for a Brexit Deal Support

Posted Monday, September 23, 2019 by
Arslan Butt • 1 min read

At the start of a fresh trading week, the Pound is trading somewhat steady against the US dollar as markets wait for developments towards a Brexit deal. At the time of writing, GBP/USD is trading at around 1.247.

Markets are eagerly waiting to see what UK PM Boris Johnson will have to offer as he heads to New York to attend the UN General Assembly this week. There are expectations that he will meet all key stakeholders from the EU on the sidelines and try to work out a new deal with alternatives to the existing Irish backstop.

On Friday, the Pound had slid lower after a brief spike above the 1.25 level after Ireland’s foreign minister cautioned that the UK and EU were still a long way from finalizing a new Brexit deal. Meanwhile, even as Johnson tries to negotiate a new deal, a UK Supreme Court is due to rule on whether he broke the law by proroguing the Parliament till mid-October, which could cause more political turmoil in Britain.

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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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