The Pound managed to reach stability. Overview for 02.10.2019
After being pretty volatile on Tuesday, GBPUSD found support and is ready to consolidate.
The British Pound has reached stability against the USD by Wednesday; the volatile Tuesday is gone. The current quote for the instrument is 1.2274.
The Pound rose significantly during yesterday’s trading session after Bloomberg reported that “the EU had discussed giving the UK a major concession on Brexit by possibly time-limiting the contentious backstop mechanism for the Irish border”. In addition to that, there were speculations that the European Union might consider some easing of its requirements in case the United Kingdom settled for a compromise in the Irish issue.
However, later it became known that the European Union didn’t consider this option, and that’s what made the Pound retreat.
Everything that is somehow relating to the Brexit and complications surrounding it has a strong influence and pressure on the Pound behavior. Meanwhile, the Brexit is only 29 days away.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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