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8 Jan 2020

GBP/USD steady above 1.3100 ahead of UK PM Johnson-EU Chief meet

  • GBP/USD stays mildly bid while failing to respect the previous day’s declines.
  • The pair earlier marked a soft response to the US-Iran, Brexit headlines.
  • Despite not specifically scheduled for Brexit talks, the first meeting between the UK and EU leaders will be the key.

GBP/USD stays well within the 1.3105/40 range while taking the bids to 1.3122 ahead of the London open on Wednesday. The pair showed a cold response to the early-day market action backed by the US-Iran war fears, as traders await details of the UK-EU leaders’ meet.

The Cable registered soft response to the US dollar strength on Tehran’s attack over the US bases in Iraq, as well the greenback’s retreat afterward when the US refrained from immediate retaliation.

The reason could be attributed to the market’s wait for the key meeting between the UK and the EU leaders in Downing Street. The European Union (EU) leader Von Der Leyen is scheduled to give a speech on her vision for future UK-EU relations at the London School of Economics.

Major press releases are of the view that the UK PM Johnson will stick to his Brexit deadline, i.e. end of 2020. Though, previous news suggested that the region could push the British leader towards a soft approach.

Elsewhere, the Tory leader’s Brexit Bill remains immune to the opposition backlash amid the clear majority of the ruling Conservatives. However, the opposition Labour Party accused the UK PM of providing ‘cover’ to US President Donald Trump over the assassination of Iran general.

Meanwhile, the BBC ran the news that the UK ships are on standby in Gulf whereas the Associated Press came out with the headlines that the UK Defense Secretary urged Iran to act with restraint.

In addition to the Brexit headlines, the US President Donald Trump is also up for speaking on Iranian attacks over the US bases in Baghdad and could propel the markets moves. Additionally, the UK ADP Employment Change and comments from Federal Reserve Governor Lael Brainard can also be the pair movers.

Technical Analysis

A 100-pip area marked by the short-term symmetrical triangle between 1.3100 and 1.3200 seems to limit the pair’s immediate moves.

 

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