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Today, global markets have quickly returned to risk mode. The DOW’s future has surpassed 30,000 again as the introduction of the coronavirus vaccine has begun. There appears to be some progress in the US Congress on new fiscal stimulus as well. The dollar is under general selling pressure, followed by the Canadian and yen at the moment.
Sterling opens significantly higher as Brexit trade talks extend to Sunday’s deadline. The pound is climbing slightly today against the euro and the Swiss franc. However, it should be noted that sterling did not break through any important resistance levels. Traders just spin their shorts. Markets in other countries are rather patchy, with dollar weakness. But overall, trading is sluggish and most pairs are capped within Friday’s range.
The pound, on the other hand, rallies at first as the Brexit trade talks are extended an “extra mile”. It is also reported that the EU’s chief negotiator Michel Barnier told EU ambassadors that the deal could be closed as early as this week. The UK has reportedly made concessions on fair competition in exchange for a softening EU stance on fishing rights.
Brexit Optimism Propels GBP
Market participants battled Brexit headlines and covid news. During the first half of the day, the dollar was under strong selling pressure, recovering slightly during the American session. However, it closed in the red against most of its main rivals and remains weak.
During recent trading, the pound/dollar pair declined in the area of 1.3320-1.3330 amid the lack of fresh catalysts for Brexit or other factors affecting the price movement. The currency closed forex trading on Monday with gains of about 110 pips, or 0.8%, boosted by hopes that a Brexit deal is still possible after the EU and UK decided to continue negotiations beyond Sunday’s “deadline”.
Technically, for sterling pairs, the key levels have not yet been broken through. The immediate resistance is 1.3539 in the GBP/USD pair. A sustained break in the area will revive short-term bullish sentiment with continued stronger gains from 1.1409.
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