The pound has been moving sideways since Friday and we do not expect too much of a change in that over the next 24 hours as well. The pound is expected to stay flat over the next few days as the market is on its holidays and most of the traders are not at the desks and are away enjoying their well deserved break.
GBPUSD Moving Sideways
The pound has been buoyed in general by the progress in the Brexit talks which has been moving ahead. Of course, there has been a short pause in the talks over the last week or so on account of the holidays but in general, it seems to be where it has to be and the leaders also seem to be quite comfortable with the way that the talks are in progress. We saw the UK PM May making a speech that she is happy with the way that the talks have been moving through.
Another important point that she revealed is the fact that she is determined to push through a deal during the talks and this removes the possibility of a no deal from the table. Till a couple of months back, there was a real possibility that the UK could walk out of the talks with no deal being made and that would have been a huge problem for both the sides as such a development could have affected the economies on both sides in a very difficult manner. But with that eventuality being ruled out, it is now upto the leaders to thrash out a deal.
Looking ahead to the rest of the day, it is a holiday in most parts of Europe including the UK and so we can safely expect to see some ranging and consolidation over the next 24 hours and the market is expected to move sideways during this period.
This article was originally posted on FX Empire