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Free AccessBrexit Trade Deal Optimism Persists Despite Negative Comment From Officials.
- Continued Brexit trade deal optimism allowed GBP to retain its recent impulsive tone through Thursday trade, GBP/USD recovering off its initial FOMC react low of $1.3451(late Wednesday) to an eventual high of $1.3624 high in NY Thursday.
- GBP/USD eased to $1.3545 as negative comment on Brexit negotiation progress emerged, but both sides remain at the table.
- 'Deadline' has now been moved to Sunday, for a deal to be ratified in EU before Dec31, though some now speak that negotiations could move into the new year. Both sides are seen wanting a deal which is keeping hopes alive.
- GBP/USD touched an early high in Asia at $1.3590 before a general USD correction, led by USD/JPY, emerged. GBP/USD drifted of to a low of $1.3520 but met demand into the dip which has edged rate back toward $1.3550 into Europe.
- UK Retail Sales provides the Europe opening interest (median -4.0%mm, 4.1%yy ex-fuel/-4.2%mm, 2.4%yy incl fuel). UK CBI Trends at 1100GMT.
- Brexit headlines remain key for GBP direction. Possible position adjustments into the weekend, as attention moves across to Sunday and opening Monday reaction activity, but underlying deal optimism persists.
- MNI Techs: GBPUSD traded higher Thursday to extend the climb off the Dec 11 low of 1.3135. The outlook is bullish despite today's pullback. The pair has cleared 1.3539, Dec 4 high. This confirms the end of the corrective phase between Dec 4 - 11. An extension higher would open 1.3677, the 76.4% retracement of the 2017 - 2020 downtrend. On the downside, key support lies at 1.3135, Dec 11 low. A firm initial support lies at 1.3364, the 20-day EMA.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.