Sterling’s selloff accelerates today as concerns over no-deal Brexit intensifies, while talks between UK and the EU enter into the 8th round. Ahead of that, UK’s chief negotiator David Frost called for “more realism from the EU.
He said in a statement, “we have now been talking for six months and can no longer afford to go over well-trodden ground. We need to see more realism from the EU about our status as an independent country.”
“If they can’t do that in the very limited time we have left then we will be trading on terms like those the EU has with Australia, and we are ramping up our preparations for the end of the year,” Frost added.
GBP/CHF’s decline from 1.2222 continues today. Such decline is seen as the third leg of the pattern from 1.2259. Deeper fall is expected as long as 1.2131 resistance holds. Break of 1.1849 support will confirm this case and target 1.1630 support, and possibly below.
