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The Brexit deal can be reached on December 24, according to media reports. EU-UK talks will continue trying to find a compromise on fisheries and the level playing field. The question is how much fish the EU will be allowed to catch in the UK waters. Last week, the UK pressed the EU to agree on a 60% cut of the current value, but the EU has rejected to accept more than 25%. Yesterday, the UK offered a reduction of 30%, but the EU refused to take this offer too.
Some analysts claim that if an agreement is not made by December 24 then the Brexit talks will be expected to continue after Christmas. The GBP will stay volatile all this time, while the major track will be defined only after the final Brexit decision.
However, Brexit is not the only problem that the UK faces these days. The new Covid-19 strain has been found in the UK, which is 70% more contagious than the previous strain. Vaccine makers believe their shots will be efficient against the new virus variant as well, but the performing tests should be made at first to confirm this information.
The GBP has been rising during the day as investors have hopes for the breakthrough tomorrow. EUR/GBP is moving down towards the 200-period moving average of 0.9000. This support is really strong as the pair has failed to break it many times so far this month, that’d why the pullback to the upside is expected in this area. The breakout of 0.9000 will drive the pair to the low December 1 at 0.8950. Resistance levels are 0.9090 and 0.9130.
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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