GBP/USD Trading Bullish Over Renewed Hopes for a Brexit Deal Working Out - Forex News by Strategia Forex
GBP/USD

GBP/USD Trading Bullish Over Renewed Hopes for a Brexit Deal Working Out

Posted Friday, October 11, 2019 by
Arslan Butt • 1 min read

Early on Friday, the Pound continues to trade stronger against the US dollar on hopes of a possible Brexit deal being revived once again by PM Boris Johnson and his Irish counterpart Leo Varadkar. At the time of writing, GBP/USD is trading around 1.245.

A joint statement issued by both prime ministers expressed optimism that they would be able to work towards a potential deal before the Brexit deadline coming up in a few weeks. According to an Irish Times report, both sides had managed to make significant progress on the issue of the Irish backstop, specifically on the issue of customs.

Meanwhile, Brexit Secretary Stephen Barclay is expected to meet EU’s chief negotiator Michael Barnier later today. Barclay is expected to present ideas discussed in the meeting of the prime ministers on Thursday before the EU, and if they are accepted, it could signal a progress in negotiations towards a Brexit deal.

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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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