EU Hogan’s Chief of Staff: UK trade talks ‘off to good start’

Ross J Burland FXStreet

EU Phil Hogan’s Chief of Staff comments and says that the UK trade talks are ‘off to good start’. Tat's good news coming from The European Union's trade chief who has been known to be of the view that a US-Britain trade deal would not be agreed in 2020 considering how complicated the EU/UK negotiations will be.

The EU's trade chief warned that UK Prime Minister, Boris Johnson, and his plan for a comprehensive UK-EU trade deal by the end of 2020 is "just not possible." Hogan had said that both sides would not have time to reach an agreement on all aspects of the future UK-EU relationship by the end of this year.

FX implications

The focus this month for sterling will be whether the coronavirus can be contained with there being 51 recorded cases and no fatalities to date in the UK, so far. At the same time, weighing the Bank of England, trade negotiations and the UK budget. Froma technical perspective, GBP/USD is en route for a test of Friday's point of control located at 1.2874. Failures to close through here will bring the case for a correction back to Wednesday's point of control at 1.2811 which ties up with a 61.8% Fibonacci retracement target of Wednesday's rally between 1.2770 and 1.2817.

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.

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