GBP/USD stalls at 1.3290 and 4th Oct highs post transition period news

Ross J Burland FXStreet

Currently, GBP/USD is trading at 1.3276, up 0.40% on the day, having posted a daily high at 1.3292 and low at 1.3122.

EU’s Barnier could offer UK 2-year transition stay in EU market - Handelsblatt

GBP/USD spiked towards the 1.33 handle, held up at 1.3290 so far. The German press has written an article that the EU would offer the UK a two-year transition period and stay in the free market/EU so long as the UK were to meet its financial obligation, bringing some traction back to the Brexit negotiations.

GBP/USD levels

The rally got through the 38.2% of the move down from the September high and the swing high from August at 1.3270, but the 4th Oct high is capping the bulls and the news is not so significant by itself that will put the pound back on a winning streak.

Sterling needs to get back above the level at 1.3557 as the 2014-2017 downtrend and there it could extend towards 1.3670 for a new leg back to 1.3836 as the February 2016 low and the 50% retracement at 1.4341.

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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