GBP Receives Fresh Boost on Renewed Brexit Optimism

GBP has received a decent boost which very much has been evident since the latter stages of trading on Monday.

Indirectly the pound gained following a dovish announcement from the FOMC, who detailed that it would buy individual corporate bonds, further easing measures from the central bank. In terms of the full details of this, we will cover in our next blog later on today.

Elsewhere, more directly linked to the advance of GBP, is attributed to Prime Minister Boris Johnson revealing yesterday that he thinks there is a "very good chance" a trade deal will be made, following his meeting with European Commission President Ursula von der Leyen.

In a statement, both parties agreed to push for a deal to be struck within six months and confirmed that they will not extend the transition period. The EU and UK supported plans to intensify the talks in July and to create the most conducive conditions for concluding and ratifying a deal before the end of 2020.

In other news, GBP was also boosted overnight by a Times report saying that Brussels is preparing to back down regarding fishing and admit that EU fleets do not have automatic rights to fish in UK waters.

What does this mean for GBP?

GBP can expect to be supported to the upside for now given the risk appetite tone across the market, additionally on optimism carrying the pound higher that something can be agreed with the EU. Do note, there is a risk event this week however, the Bank of England rate decision on Thursday, which could spark much volatility and help further setting a tone. (Check out our membership for to get real-time analysis, previews and trade ideas on the back of such huge economic events)



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