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New trade negotiations

New trade negotiations | 14 October 2020

14 October 2020, GBP/USD

New trade negotiations

GBPUSD trading plan:

European Union leaders meeting in Brussels on Thursday and Friday to discuss Brexit will say that progress in talks with Britain is "still not sufficient" to seal a new trade deal. With a trillion euros of annual trade at stake, the summit will also tell the EU's Brexit negotiator, Michel Barnier, to intensify talks with Britain to reach and implement an agreement to govern relations after Dec. 31, when the current standstill agreement expires. The EU says a deal must be agreed this month to leave time for ratification by the European Parliament. The bloc is gearing up to negotiate until mid-November to avoid being assigned blame if the talks fail. This is a positive signal for the British currency.

Trading recommendation: Buy 1.2905 and take profit 1.2955.

David Johnson
Analyst of «FreshForex» company
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