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Sep 06 - 09:55 PM

GBP/USD - COMMENT-Sterling Sold, As Chances Of No Deal Brexit Increase

By Content Admin  —  Sep 06 - 08:40 PM

Sterling's resilience to growing signs that there may be a no deal Brexit could be about to change.
The market still expects a last minute compromise, but the weekend press undermines this view.

'No deal' will increase the economic stress in the UK, as the economy is already devastated by COVID-19, with a jump in cases on Sunday nL8N2G30IO

UK government paints the EU as intransigentnL8N2G3041, while looking to rewrite key parts of the Brexit withdrawal agreement, which protected state aid and Northern Ireland customs nL1N2G30A0.
The EU has always insisted that a 'fair playing field' in government subsidies is the cornerstone of any comprehensive economic deal.
Without this, other EU members could look to follow the UK example and leave.

PM Johnson's government is now stacked with Brexiteers, so the chances of no deal have increased, as ideology overcomes economic pragmatism.
The PM will tell the EU on Monday to agree to the trade deal by Oct.
15, or 'move on' nL8N2G30K3

Technically the 21 day moving average has been a base on a closing basis on the uptrend since early July and comes in at 1.3188.
The bias remains higher while it holds.
Close below would open the door to range support in August around 1.3000.

For more click on FXBUZ


GBP 2 sep 7 Click here

Source:
Refinitiv IFR Research/Market Commentary

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