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British Pound (GBP) Newest: Further Losses Possible, No-Deal Brexit Comes Closer

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GBP worth, Brexit information and evaluation:

  • GBP/USD and the GBP crosses will seemingly undergo additional losses because the EU and the UK proceed to bicker on their relationship post-Brexit.
  • As a brand new spherical of talks begins, the UK is stepping up its no-deal preparations and is reportedly tinkering with the withdrawal settlement already reached.

GBP/USD beneath draw back strain

Indications that the EU and the UK are shifting even additional aside within the negotiations on their post-Brexit relationship will seemingly result in additional losses for GBP/USD and the GBP crosses though the newest spat might simply be posturing, and a deal might but be reached.

The Brexit talks are underway once more in London this week and the UK has set a deadline of October 15 to strike a trade cope with the EU. It has additionally warned the EU that it’s gearing up preparations to depart with out a deal.

Furthermore, the UK is reported to be planning new laws to override a part of the withdrawal settlement signed in January, and whereas this turbulent background has already weakened GBP/USD there are few indicators but {that a} restoration is imminent.

GBP/USD Worth Chart, Two-Hour Time Body (September 1-8, 2020)

Latest GBP/USD price chart.

Chart by IG (You’ll be able to click on on it for a bigger picture)

Begins in:

Stay now:

Sep 08

( 10:09 GMT )

Beneficial by Martin Essex, MSTA

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Furthermore, in keeping with knowledge from Reuters, Brexit nerves have boosted GBP/USD implied one-month volatility to 10% for the primary time since mid-June. This means a turbulent few weeks for merchants within the pair who should resolve whether or not the newest confrontation is simply rhetoric, and {that a} deal might be reached ultimately, or whether or not the present implementation interval will finish with out an settlement.

GBP/USD BEARISH

Information offered by

of shoppers are internet lengthy. of shoppers are internet brief.

Change in Longs Shorts OI
Day by day 13% 7% 9%
Weekly 12% -2% 3%

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— Written by Martin Essex, Analyst

Be happy to contact me on Twitter @MartinSEssex

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