Pound Trades Resiliently Amid Brexit Headlines
We welcome you to a new trading week.
Traders of the GBP/USD have been on a roller-coaster ride Friday with the pound failing to find a clear direction and trading choppily between 1.2963 and 1.2863.
The British pound was resilient to negative Brexit headlines after negotiations over a Brexit deal have stalled with Boris Johnson announcing on Friday that he will focus on preparations to leave the EU’s single market and customs union at the year-end without a trade deal. End of October/ Early November is the last likely moment a deal can be struck and implemented until year-end.
With 15 days to go until the U.S. election, polls show increasing odds of a Democratic sweep and the market thus sees increasing chances of larger economic stimulus. The upcoming election will determine main market moves and if polls suggest a too-close-to-call election volatility will rise quickly.
The final presidential debate before the U.S. election, between President Donald Trump and Joe Biden, will be live from Nashville, Tennessee on Thursday.
We wish you good trades!
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