There’s been a sharp drop in the pound in recent trade as comments from Donald Tusk hit the wires, with the European Council president commenting on the latest Brexit developments. The swoon lower came as traders and algos rushed to sell sterling on the line that the UK has not come forward with a “realistic and workable proposal” sending the GBP/USD rate down by a cent (around 1%) in less than a minute. It appears that this was something of a false move as additional comments were actually far more constructive than has been the norm of late from Tusk but it just goes to show the heightened sensitivity in the markets to any Brexit headlines at present. 

Thursday was the best day for the pound in 7 months with the currency soaring across the board after the Boris-Leo statement that they "see a pathway to a possible deal". This could well be a pivotal turning point in negotiations but we still need greater clarity on details as well as support from elsewhere. The meeting of Barclay and Barnier could provide more insight with these two possibly less conducive to concessions than the UK and Irish leaders.

CFD’s, Options and Forex are leveraged products which can result in losses that exceed your initial deposit. These products may not be suitable for all investors and you should seek independent advice if necessary.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.

EUR/USD News

GBP/USD hits new 2020 low and bounces amid Brexit rhetoric, coronavirus headlines

GBP/USD is trading above 1.2800 after hitting a new 2020, nearing the 1.2700 figure, as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.

GBP/USD News

XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures