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Sterling as a whole rally at the start of the US session on rumors that the Brexit deal is “pretty much closed.” But like the recent price action, the upside potential for the pound is still limited, awaiting confirmation.
The greenback is softening after a mixed series of economic data, while firmer risk sentiment is also weakening the Swiss franc and the yen. Canadian dollar fluctuates better than expected, GDP data. The British pound continues to gain strength against its rivals. At the time of writing, GBP/USD is up 1.2% to hit 1.3523 on the day, while EUR/GBP is down 0.75% to 0.9032.
EU member states have begun preparing procedures for a new trade deal from 1 January, if agreed. Based on numerous reports from British journalists, a Brexit deal is imminent. The EU member states will have to approve the provisional application of the agreement, which will enter into force on January 1, because there is not enough time for its ratification by the European Parliament.
Brexit Breakthrough News Propel GBP
GBP/USD also rallies on news of Brexit negotiations; next resistance is expected around 1.34 from yesterday’s highs, followed by 1.35, the high seen following rumors of a potential closure of the Brexit discord earlier in the week.
Meanwhile, the UK government is reportedly considering adding additional territories to the Tier 4 zone to stop the spread of the new covid strain; unconfirmed reports that the strain has already spread outside the UK, with the CDC saying it may already be circulating in the US. Experts warn against overreacting to the new strain.
Technically the focus is now on sterling pairs. To confirm the purchase of the underlying asset, GBP/USD must break through the 1.3624 resistance. GBP/JPY should break resistance at 140.70. More importantly, EUR/GBP should break the 0.8861 support. Besides, GBP/CHF should break through the resistance at 1.2203.
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