EUR/GBP retreats from 0.9000 as the pound firms up
|- EUR/GBP rebound from 0.8860, rejected at 0.9000.
- UK's top adviser Cummings´ exit has provided a fresh impulse to the pound.
Euro’s recovery from week-lows at 0.8860 has been rejected at 0.9000 on Friday´s early trading and the pair pulled back again to seek support at the 0.8960 area. The EUR/GBP has managed to trim loses after a sharp decline on Monday, though it is still on course for a 0.75% weekly loss.
Sterling picks up on Brexit deal hopes
The pound has appreciated across the board at the end of the week and is 0.4% up on the day, buoyed by news about the exit of Prime Minister Jonson’s top adviser, Dominique Cummings. The market has assumed Cummings leave as a signal that the UK will adopt a more positive approach to facilitate the trade deal as the Brexit negotiations reach their final stage.
Dominique Cummings has been one of the main supporters of the Brexit and a key figure in the 2016 referendum campaign to Leave the European Union.
After missing the mid-November deadline, the negotiators are expected to return to the table on Monday in an attempt to make some progress ahead of a crucial EU leaders’ meeting on Thursday. The positions in crucial issues such as fisheries and the level playing field remain the main obstacles to avoid an unorderly exit from the Union.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.