GBP falls as Brexit Talks near Collapse
GBP falls as Brexit Talks near Collapse
Following reports pointed at an imminent breakdown in Brexit talks on Tuesday, the British pound fell over 0.6 % to the lowest level in months, $1.22.
Prime Minister Boris Johnson told German Chancellor Angela Markel that a Brexit deal is next to impossible if the European Union wants Northern Ireland to stay in the customs union. With news emerging that the British Government is preparing for the talks to collapse as progress over the last few weeks have been minimal.
As writing, the GBP/USD is currently trading at the 1.22231 mark, testing a key support area established way back in early September. We could see a rejection at this support followed with a move to the upside, as a consolidation zone appears to be forming between the 1.22 support and 1.23 resistance areas.
However, uncertainty surrounding Brexit could continue pushing Cable downwards and we may see it break through the 1.22 mark.
European stocks took a plunge along side Sterling on Tuesday, as the risk of a no-deal Brexit increased following reports of imminent collapse talks. Furthermore, optimism for a US – China trade deal has quickly faded, prior to the high-level meeting set to take place this Thursday, after the White House added another 28 Chinese production firms to the so called “Blacklist.”
With Beijing’s response stating that they will take firm measures to protect the nations sovereign security.
- DAX 30: dropping 127 points / 1.1%
- FTSE: 55-point loss / 0.8%
- CAC 40: 65-point loss / 1.2%
- IBEX 35: 104-point loss / 1.2%
- FTSE MIB: 246- point loss / 1.1%
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As investors turn risk-on equities this week, both Gold and Silver experienced a significant sell off, based on news that the US may remove tariffs on China. This led to US Stocks recording new all-time highs, with the Dow Jones up over 2.3% this week and a safe-haven trade wind down, as Gold and Silver slumped 2.3% and 5.2%, respectively.
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