The pound sterling came under pressure after EU officials ruled out the possibility of a full EU–UK trade deal by the end of 2020. The comments were made by Ursula von der Leyen. The comments come in contrast to the views from the British PM. Johnson is hopeful that the UK will be able to have a trade deal in place by the end of this year.
GBP/USD Retracing Losses For Now
Cable is retracing the losses from earlier in the day. This comes as price has broken past the support level of 1.3100. If this retracement ends near 1.3100 then we expect declines to resume. The descending triangle pattern remains in play giving the downside target to a minimum of 1.2960.
