GBP/USD Trades Above 1.29 as Markets Await EU Confirmation on Brexit Extension

Early on Thursday, the Pound is trading steady against the US dollar above the 1.29 level as markets wait in hope for the EU to grant Britain another extension on Brexit. At the time of writing, GBP/USD is trading around 1.291.

Despite his plans being rejected by the Parliament, UK PM Boris Johnson still maintains that he is not keen to delay Brexit and would opt for general elections if Brexit gets delayed till January 31, 2020. There are also expectations that the EU may grant a shorter extension to ratify the Brexit Bill.

The President of the European Council, Donald Tusk, has been meeting with EU27 leaders to secure their agreement in granting Britain another extension on Brexit. Tusk insists that the EU is only interested in avoiding a no-deal Brexit, which could have severe ramifications not just for the British economy but for the EU economy as well.

The next meeting between EU diplomats on this issue is scheduled for Friday, while meetings among EU leaders are expected to continue. So far, reports suggest that France wants to grant Britain a shorter extension than the three-month extension they have requested for.

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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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