|Day's Range||1.26 - 1.263|
|52 Week Range||1.1959 - 1.3349|
The British pound fell to kick off the week as traders came to the realization that perhaps the market had gotten ahead of itself when it comes to Brexit. With this, and the fact that the 200 day EMA is sitting in the same area, it’s not a huge surprise that the buyers took a break.
GBP/USD jumped higher last week on news that the UK is coming closer to reaching a Brexit deal. However, headlines over the weekend showed there is still quite a bit that needs to be accomplished to seal a deal, causing a bit of a pullback in the exchange rate.
The Dollar found strong support early, as the markets considered the implications on existing tariffs on the economic outlook. Brexit chatter also weighed.
It is a big week ahead, with corporate earnings, trade talks, Brexit and economic data in focus. There’s also the IFM meetings and the EU Summit.
Optimism that U.K. and European leaders can reach an agreed deal for Britain to leave the European Union pushed the British pound higher for a second day.
The British pound has skyrocketed this week as it appears that there are some signs of progress in Brexit negotiations. That being said, I’m not overly impressed quite yet, because I know that it’s only a matter of time before some negative headline comes out. If the pair can survive that negative headline, then we could be looking at something rather big.
The British pound rallied rather significantly again during the trading session on Friday, as we continue to have headlines coming out that perhaps some real progress is finally being made in the Brexit scenario. At this point though, it’s a bit rich to jump in at this level.
The midcap FTSE 250 rose 3.5%, its best single-day percentage gain in more than three years, as European leaders indicated there was progress toward reaching an agreed deal with the U.K. on leaving the European Union. The European Union says it has agreed with the United Kingdom to "intensify" Brexit negotiations in a belated attempt to reach a divorce deal ahead of Oct. 31. A number of FTSE 250 components sported double-digit gains, including bank CYBG , building materials distributor Grafton Group and home improvement retailer Travis Perkins . The FTSE 100 however saw much smaller gains, of just 0.7%, because many of those components record revenue in dollars.
The European Union says it has agreed with the United Kingdom to "intensify" Brexit negotiations in a belated attempt to reach a divorce deal ahead of Oct. 31, when Britain is scheduled to leave the bloc. The EU announcement came after EU Council President Donald Tusk vowed that the 27 nations would make another push for a deal following a constructive meeting between British Prime Minister Boris Johnson and his Irish counterpart, Leo Varadkar. EU negotiator Michel Barnier and Brexit Secretary Stephen Barclay already laid the groundwork for intensified talks earlier on Friday. The pound rallied for a second day on growing hopes for a deal.
The British pound continues to soar, on optimism that a withdrawal deal could be close at hand. The Mexican peso continues to rally late in the week. The Canadian dollar is steady, but we could see stronger movement in the North American session, when Canada releases key employment numbers.
Investing.com - The pound jumped to an intraday high on Friday after U.K. Prime Minister Boris Johnson said he thought there was a way forward for a Brexit deal with the European Union, adding that “there is work to be done.”
The UK is making progress towards reaching a Brexit deal, causing a surge higher in the British pound against all of its major counterparts.
The British pound rose above $1.25 on Friday as European Council President Donald Tusk tweeted that Ireland's Leo Varadkar conveyed "promising signals" that a deal was possible. Tusk did say the U.K. still not has come forward with a workable, realistic proposal. "Even the slightest chance must be used. A no deal Brexit will never be the choice of the EU," he tweeted.
Investing.com - The pound rose on Friday after European Council President Donald Tusk said that U.K. Prime Minister Boris Johnson has promised to deliver a Brexit solution "that works for all". The news comes after unconfirmed reports suggesting that Johnson had dropped his insistence that Northern Ireland remain in the U.K. customs area after Brexit.
Investing.com -- The British pound consolidated gains early Friday after its biggest one-day jump in two years in response to signs of a possible agreement on the Irish border problem that has plagued the Brexit negotiations.
The British pound rallied on Thursday after the leaders of the U.K. and Ireland said there could be a pathway to an orderly exit of Britain from the European Union.
The US dollar has tried to rally during the trading session on Thursday but gave back the gains yet again as we continue to see sellers come into this market every time it tries to strengthen.
Investing.com – The pound continued to climb on Thursday, on signs of meaningful progress on Brexit after Irish Prime Minister Leo Varadkar confirmed that a deal could likely be reached by Oct. 31, when the U.K. is expected to leave the European Union.
Investing.com - The U.S. dollar fell on Thursday after consumer prices rose less than expected in September, increasing the chances of the Federal Reserve cutting rates before the end of the year.
The leaders of Britain and Ireland are meeting in an attempt to find common ground for an elusive Brexit deal, with just three weeks until the U.K. is set to leave the European Union.