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GBP/USD has bounced off the key support of 1.30 and turned to the upside. The pound is widely anticipated to rally further amid rising hopes for the end of Brexit talks this weekend on Halloween. Telegraph reported that the EU and the UK have already agreed on 90% of the deal. Chances are really high.
The only thing left is fisheries. And, here is the problem as France totally disagrees with the current position. The French president Emmanuel Macron tried to defend his fishermen from unbeneficial conditions and job losses. A fourth of France’s catch in the northeastern Atlantic was in British waters, and no access to British waters might be devastating for France. However, Reuters reported that he already told his fishermen to be ready for the impact, indicating that France is possibly ready to agree on this issue. “Macron holds the key,” said an EU diplomat following Brexit. “If France climbs down, we can get a deal.”
GBP/USD has reversed from the 50-day moving average of 1.3000, which was acting as strong resistance during August and then as support in September and October. The most probable scenario is that the pair will rise to the high of October 21 at 1.3150. If it breaks it, the doors towards the next resistance of 1.3250 will be open. In the opposite scenario, if it manages to drop below 1.3000, the way to October’s dips of 1.2870 will be open. Follow further news about Brexit and be ready for the increased volatility, when the deal is reached!
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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