It is anticipated that Brexit talks are formally restarted with the aim of reaching an agreement by mid-Novembere. The calls between London and Brussels were made earlier this week, seeking a way to revive and intensify the talks.
Last week, British Prime Minister Boris Johnson told the nation to prepare for a no-deal Brexit after EU leaders refrained from giving ground or agreeing to speed up the pace of negotiations. Since then, the mood has changed.
Hopes for a fiscal stimulus deal in Washington are also helping the lbira advance. The safe haven dollar is under pressure.
The GBP/USD has been climbing ahead of the news, but broke out significantly higher on the data, rising more than 70 pips in the last hour and hitting six-week highs in 1.3145, its highest level since 9 September.
This is what the movement of the British pound looks like on the four-hour chart. The Relative Strength Index is above 70, therefore in overbought conditions. Momentum remains up.
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Credits: Forex Street
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