The British pound is feeling pressure on subsequent trading after a series of pessimistic updates on Brexit negotiations by officials on both sides of the economic meltdown.
In the latest updates, Ursula Von der Leyen, President of the European Commission, stated that “with Boris Johnson, we took stock of the EU-UK negotiations.
We welcomed substantial progress on many issues. However, large gaps remain to be bridged, particularly in fisheries. Overcoming them will be a great challenge.
The negotiations will continue tomorrow. ”
Meanwhile, in previous news, Cabinet Minister Michael Gove has said that the chances of the UK and the EU reaching an agreement on a post-Brexit trade deal are “less than 50%”.
Gove told MPs that “unfortunately, it is more likely that we will not get an agreement.”
However, talks in Brussels continue on Thursday, with two weeks for the UK to abandon EU trade rules.
The EU has set Sunday as the deadline for them to see the text of any agreement agreed by the negotiating teams.
GBP / USD update
On the 15-minute chart, the price is now testing the current support.
A breakout here will open prospects for a run into a lower demand area from which an upward correction would be expected within an over-extended M formation.
The 1.3580 would be a key level in both downside correction attempts and bullish from below it, where it would potentially meet a $ 38.2 Fibonacci retracement level following a bearish push to the lows of the 1.3560 structure.