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GBP/USD Gains on Brexit Deal
Lately, the European Commission announced that the UK and Europe have formally reached a Brexit withdrawal agreement. A no-deal Brexit is avoided, propelling GBP/USD to a new weekly high of 1.3619, up by 0.9%.To get more news about WikiFX, you can visit wikifx official website.
British Prime Minister Boris Johnson said they have got Brexit done and they will have full political and economic independence on January 1, 2021. The agreement ensures that most goods traded between the EU and UK wont face new tariffs or quotas, noted Johnson. Besides, the share of fish in British waters that the UK can catch will rise over the next five years.
The Brexit agreement, which will lower uncertainties, has not yet had the full document released. David Sassoli, President of the European Parliament, said “the European Parliament will analyze the post-Brexit trade deal clinched by the EU and Britain in detail before deciding whether to approve the agreement in the new year.”
Whats more, the issue of Scottish independence will be discussed a lot in the coming months. The pound will be struggling for direction before seeing progress on the issue and learning more details about the Agreement.
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The technical picture of the EUR/USD pair shows that it continues to move upwards in general, so now it is still recommended to consider buying the euro currency, even though there are no visible fundamental reasons for this. As long as the quotes are above the critical line, the prospects for the euro remain very good. On the lower charts, you should look for upward trends. |
