Pound Rebounds Mildly, Internal Market Bill Gives UK Possibility of a Trade Deal – Boris Johnson

Pound Rebounds Mildly, Internal Market Bill Gives UK Possibility of a Trade Deal – Boris Johnson

A spokesman for British Prime Minister Boris Johnson said on Monday that the domestic market bill would protect trade between the four UK countries while maintaining leading global standards.

British Prime Minister Boris Johnson told Parliament that the adoption of the Internal Market Bill will give Britain a “more realistic opportunity” to conclude a trade deal with the European Union.

“What we cannot do now is tolerate a situation where our EU counterparts seriously believe that they have the power to break up our country,” Johnson added, as reported by Reuters. “We do not relish the prospect of having to use these powers, at all. We hope very much that the EU will be reasonable.”

GBP/USD largely ignored these comments and last traded at 1.2875, gaining 0.63% on the day.
Pound Rebounds Mildly on Market Reaction
Trading in the foreign exchange markets remains generally sluggish. While US stocks are set to bounce, currency traders are not bothered. Sterling is still stronger for today, as traders take profits on short positions, ahead of a series of UK data, Bank of England, and Brexit events. The Aussie is currently weaker pending tomorrow’s RBA minutes. The dollar is also experiencing moderate difficulties.

Technically, while the pound is recovering, there are no clear signs of a bottom. We expect the pound to fall further to minor resistance at 1.3035 in GBP/USD, minor resistance at 138.38 at GBP/JPY, and minor support at 0.9067 in the EUR/GBP hold. As for the dollar, we may not see some kind of steady movement until the USD/JPY pair breaks out of the 105.10/107.05 range.

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