09 September 2020, GBP/USD
GBPUSD trading plan:
The prospect of the U.K. and European Union reaching a trade agreement by an October deadline is looking less likely, with Britain saying this week it’s willing to walk away. Until recently, the risks associated with failed trade talks had been in the background, overshadowed by the economic fallout of the COVID-19. U.K. Prime Minister Boris Johnson signaled he would let the talks collapse if a deal isn’t made before mid-October rather than compromise. That risks the pound falling to a 30-year low, stocks that lag international peers, and bond yields turning negative for the first time amid bets on Bank of England interest-rate cuts, fund managers say.
Trading recommendation: Sell 1.2950 and take profit 1.2912.
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