- GBP / USD has rallied in recent trading as the London correction approaches, despite the lack of progress in Brexit talks.
- The pair has risen to new highs for the day above 1.3380 and is targeting a test of 1.3400.
GBP / USD awaits retest of multi-month highs
With GBP / USD rebounding above 1.3380 and seemingly immune to pessimistic Brexit updates for now, the door appears to be open for a test of this week’s highs just below 1.3400. A breakout of this level would take the pound to levels not seen since early September.
If the recent rise is reversed by a rebound in the USD or an increase in Brexit pessimism, the support levels Notable ones include Wednesday and Tuesday lows on either side of the 1.3300, followed by Monday’s low in 1.3266.
GBP immune to Brexit reports
The updates on the status of the Brexit negotiations for next Friday have not been good. The French Minister for Foreign Affairs, Jean-Yves Le Drian, recently commented that British proposals in Brexit negotiations remain insufficient. In addition, he accused the UK of slowing down talks on side issues and messing with the calendar and urged that fishing is not the variable of “adjustment” in conversations.
Furthermore, BBC reporter Katya Adler tweeted that, according to EU sources, there was doubts EU Brexit negotiator Michelle Barnie will go to London to negotiate once he comes out of quarantine on Friday, and that the talks have not gone well.
Technical Levels
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