Von der Leyen: Big differences remain, negotiations will continue tomorrow

Ross J Burland FXStreet

The British pound is feeling pressures in later trade following a series of downbeat Brexit negotiation updates from officials on both sides of the economic debacle.

In the latest updates, Ursula Von der Leyen, the President of the European Commission, has stated that ''with Boris Johnson, we took stock of the EU-UK negotiations.

We welcomed substantial progress on many issues. Yet big differences remain to be bridged, in particular on fisheries. Bridging them will be very challenging.

Negotiations will continue tomorrow.''

Meanwhile, in earlier news, Cabinet minister Michael Gove has said the chances of the UK and EU agreeing on a post-Brexit trade deal are "less than 50%".

Mr Gove told MPs "regrettably the chances are more likely we won't secure an agreement".

Nevertheless, talks in Brussels are continuing on Thursday, with two weeks to go before the UK leaves EU trading rules.

Sunday has been set as a deadline by the EU for them to see the text of any deal agreed by the negotiating teams.

GBP/USD update

In the 15-min chart, the price is now testing the current support.

A break here will open prospects of a run into a lower demand area from which a bullish correction would be expected within an over-extended M-formation.

The 1.3580s would be a key level on both downside and bullish corrective attempts from below it where it would potentially meet a 38.2$ Fibonacci retracement level following a bearish impulse to the 1.3560 structure lows.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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