Diplomats of the European Union (EU) now expect negotiators to present a Brexit deal by the middle of next week, unless the talks lead to breakthroughs or breakdowns sooner, Reuters reports citing some EU sources.
Additional comments:
“EU and UK are likely to miss the mid-November deadline to seal a new trade deal. ”
“Negotiations between the EU and the UK are ongoing in London, and they are expected to last until the end of the week“.
“The EU envoys in Brussels don’t expect updates this week, Brexit is tentatively on the agenda of the November 18 meeting of ambassadors. ”
GBP / USD spikes and then turns down
The GBP / USD skyrocketed almost 40 pips following the Brexit news, with the pair now falling from the nine-week highs of 1.3298.
At the time of writing, the pair is trading near daily lows at 1.3242, losing 0.14% on the day.
The news that both sides are likely to miss the Brexit deal deadline of mid-November appears to have made GBP bulls nervous.
GBP / USD 15 minute chart
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Credits: Forex Street
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