The pound sterling came under strong selling pressure on Monday, just two days after it formally left the EU. PM Johnson said that he will not accept the EU standards in return for an EU trade deal.
The remarks once again heightened the odds of a no-deal Brexit. Both the EU and the UK have until the end of the year to negotiate on various aspects including trade.
GBP/USD Moves Back into the Range
The currency pair fell after reaching a one-month high into last Friday’s close. Price action is in a steady decline since the start of Monday’s trading session. As a result, GBPUSD is back inside the range of 1.3100 and 1.2960.
There is scope for prices to slip to the lower end of the range in the near term.
