Comments in Johnson's letter to Tusk: The Irish backstop is not viable

Boris Johnson's letter to Turks has been published.
Pound bears see EUR/GBP on course for parity, cable below the 2016 lows and the 1.19 handle.

Ross J Burland FXStreet

Johnson's letter to Turks has been published where he states that achieving a Brexit agreement is the government's highest priority but where he argues that the Irish backstop is not viable.

The letter:

FX implications:

GBP was the top performer last week over a 5-day review w of the G10s, riding stronger than expected data and the nothin that other political party leaders and Tory rebels will be seeking support in a potential vote of no confidence against PM Johnson. We will now await parliament returning from the summer recess on September 3 to determine whether the pound continues to recover ground. Hard Brexit risks and or a more neutral Federal Reserve in Spetmebt could otherwise see the Pound tumble below technical support levels and put EUR/GBP on course for parity while cable could end up below the 2016 lows and the 1.19 handle.

GBP/USD

Overview
Today last price	1.2137
Today Daily Change	-0.0010
Today Daily Change %	-0.08
Today daily open	1.2147

Trends
Daily SMA20	1.2205
Daily SMA50	1.2441
Daily SMA100	1.2675
Daily SMA200	1.2797

Levels
Previous Daily High	1.2176
Previous Daily Low	1.2077
Previous Weekly High	1.2176
Previous Weekly Low	1.2015
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2138
Daily Fibonacci 61.8%	1.2115
Daily Pivot Point S1	1.2091
Daily Pivot Point S2	1.2035
Daily Pivot Point S3	1.1992
Daily Pivot Point R1	1.219
Daily Pivot Point R2	1.2232
Daily Pivot Point R3	1.2288

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.