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Positive trade negotiations between the EU and UK

Positive trade negotiations between the EU and UK | 21 August 2020

21 August 2020, GBP/USD

Positive trade negotiations between the EU and UK

GBPUSD trading plan:

EU Brexit negotiator Michel Barnier has said that a deal would need to be agreed to by October to allow time for the EU to ratify the agreement. This is a positive signal for the British currency. Without a trade deal the U.K. would have to trade with the EU on World Trade Organisation terms, which many say are harsher than the current trade pact, which expires at the end of the Brexit transition period on Dec. 31. We are expecting the uptrend in the oil market to continue which will provide additional support for the pound.

Trading recommendation: Buy 1.3220 and take profit 1.3280.

David Johnson
Analyst of «FreshForex» company
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