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Christopher Lewis
GBP/USD

The British pound went back and forth during the trading session on Friday, as we are starting to look towards the possibility of some type of deal between the United Kingdom and the European Union. However, that carrot has been dangled in front of traders more than once, and therefore it is likely that the market could be disappointed. If we do see some good news, it is possible that some of it has been priced in, and at this point in time it is probably more likely that a bigger move would be to the downside if we get some type of “no deal Brexit.” Obviously, most traders believe that there is going to be some type of agreement between the two economies, so at this point in time it is worth noting that Citibank believes that there is about an 80% chance of a deal. That being said, a move to the 1.35 level would probably be the immediate reaction.

GBP/USD Video 23.11.20

We are getting close to when a decision will need to be made, so it will be interesting to see what happens next. Ultimately, there is still a high possibility of a disappointment, so that must be kept in the back of your mind. In the next week or two, it is likely that a pullback could be a buying opportunity down to the 1.30 level, unless of course we get some type of massive negative headline. I believe that we will continue to see choppiness but as we go into the weekend it is not overly surprising that traders would choose to be flat.

For a look at all of today’s economic events, check out our economic calendar.

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