STERLING (GBP) NEEDS A FRESH DRIVER
With an extension of the Brexit transition period now officially off the table, the EU and the UK will have to re-double their efforts to find common ground on a new trade deal otherwise the two sides will be trading on WTO terms from January 1 next year. Both sides are still hopeful of a deal, yet neither have budged from their starting positions, leaving a deal still very much in doubt. Recent economic data released from the UK and the Eurozone has picked up, but from a very lowly base, as the COVID-19 viruscontinues to press down on economic activity. As such a deal needs to be made and quickly.
Sterling continues to sit on the middle of the Q2 trading range of 1.2070 – 1.2815 and will need a driver to break either way. Any positive talk of a deal, even if it is bare-boned, should see GBP/USD move towards last quarter’s high, while further disappointment will weigh heavily on the pair.
GBP/USD WEEKLY PRICE CHART (MAY 2017 – JULY 2020)
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