BREXIT TALKS SET TO RESUME GBP/USD EXTENDS GAINS

Brexit talks are set to resume, a headline that shouldn’t be a surprise to many given the renewed optimism, but enough to give the Pound an added push towards session highs. The source report also noted that the aim is for a deal by mid-November with confirmation of the decision to restart talks expected within the next 24hours. Keep in mind, however, that mid-November had been previously highlighted as a new Brexit deadline date if talks were to continue. Alongside this, EU’s Barnier and UK’s Frost are due to speak for the third time in as many days, where we may receive further clarity on the latest reports.

That said, the Pound had been notably firmer prior to the reports after EU’s Barnier noted that compromise is needed on both sides to reach a deal, which marked a slight change in message from last week, where the EU emphasized that the UK needed to compromise.

GBP/USD 1-MINUTE CHART: DAILY TIME FRAME

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Source: IG