UK to keep looking for EU trade deal beyond Oct 15 deadline, GBP/USD jumps

Dhwani Mehta FXStreet

The UK will extend its efforts to reach a post-Brexit trade deal with the European Union (EU) beyond Prime Minister (PM) Boris Johnson’s October 15 deadline, Bloomberg reports, citing a person close to the negotiations.

The person added that PM Johnson will decide on whether to end talks after the EU Summit.

This comes ahead of the crucial meeting between Johnson and European Commission President Ursula von der Leyen on a video call, which could likely put an end to this Brexit impasse, opening doors towards a Soft Brexit.

Earlier today, Reuters and Bloomberg both reported that the EU leaders are likely to signal an end to the Brexit talks, with no breakthrough, following the conclusion of the two-day Summit on Friday.

GBP/USD finds some life

On renewed Brexit optimism, GBP/USD leaped nearly 80-pips on the above report, testing 1.2980 levels before retracing to 1.2930, where it now wavers. The spot is still way above the five-day lows of 1.2864 reached earlier in the session.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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