The GBP has turned bearish since final Thursday, because the Brexit deal Boris Johnson hoped for was being rejected by the EU, in response to what
The GBP has turned bearish since final Thursday, because the Brexit deal Boris Johnson hoped for was being rejected by the EU, in response to what we have now heard from EU officers. The Irish border backstop has been the principle challenge which has stopped the UK and EU from reaching a deal.
Though, we heard rumours that the EU is able to make concessions to the UK on this challenge. The Times reported that diplomatic sources near EU-UK talks stated that European governments are ready to make concession to the UK.
They are going to present a mechanism for the Northern Irish meeting to depart a brand new Irish backstop after a set variety of years. Undecided how this can go or even when it’s going to actually occur.
However, that was sufficient to ship GBP/USD leaping 90 pips larger. Though, the GBP has given again many of the good points. We should always take something with a pinch of salt in the case of Brexit, so don’t simply run with the primary hearsay you hear.