- The pound is the best performing currency at the start of the week.
- GBP / USD is trading more than 200 pips above Friday’s close.
He GBP / USD is trading strong above 1.3400, consolidating significant daily gains. The pound is the favored best-performing currency after officials from the European Union and the United Kingdom agreed to continue negotiating this week to secure a Brexit deal.
The pair’s price closed on Friday around 1.3220. It started the week with a strong momentum and reached 1.3437, the highest level since last Wednesday. From the peak it retraced, finding support at 1.3415.
The British currency is the one that rises the most in the world due to the expectation of an agreement. Although politicians and leaders from both sides had set Sunday as the deadline for reaching an agreement, again a key date is modified for later.
Another factor driving GBP / USD is the weakness of the dollar. The greenback is falling against most of the currencies in the world in a context of good mood of the markets. The dollar index (DXY) reached its lowest since 2018, while Wall Street futures are on their way to a positive open with gains in the order of 0.70% in the main indices.
Technical levels
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