Pound Strengthens On Brexit Hopes

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The pound was higher against its major counterparts in the European session on Friday, as investors awaited Prime Minister Boris Johnson’s response to the European Union’s call for making concessions to secure a future trade agreement.

EU leaders on Thursday demanded the UK to offer further concessions to reach a deal on trade, saying that progress made on key issues was still «not sufficient for an agreement to be reached».

U.K. chief Brexit negotiator David Frost said he was «surprised» and «disappointed» by the European Union’s position during negotiations in Brussels.

EU chief negotiator Michel Barnier told reporters that there were «prospects» of a deal but he could not say that «we’ll necessarily get a deal.»

The PM is expected to announce his decision today, regarding whether the U.K. will abandon or continue talks.

Talks are still stuck on issues related to fisheries, issues of governance and the level playing field.

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The pound appreciated to 1.2945 against the dollar and 1.1849 against the franc, after having fallen to 2-day lows of 1.2883 and 1.1785, respectively in prior deals. Next key resistance for the pound is likely seen around 1.31 against the dollar and 1.22 against the franc.

The U.K. was trading at 136.28 against the yen and 0.9044 against the euro, up from its early 2-week low of 135.62 and a 2-day low of 0.9083, respectively. The pound is seen locating resistance around 138.00 against the yen and 0.88 versus the euro.

Looking ahead, U.S. business inventories data for August, retail sales and industrial production for September and University of Michigan’s preliminary consumer sentiment index for October are set for release in the New York session.

The material has been provided by InstaForex Company — www.instaforex.com

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