One more Brexit headline for the road
The EU's Brexit negotiator Barnier tells Germany's Die Welt:
- We are ready to give Britain further guarantees that Irish backstop is only temporary
- One possibility is a commitment to limit the backstop through an agreement on future relationship between Britain and EU
- I don't think there will be a fundamental objection to extending Brexit date, but there must be a clear purpose for an extension (nothing new with this headline)
- in the event of an extension, the EU27 would want to know "What for?". The answer cannot be that Britain wants to defer a problem.
- If Britain submits a request for an extension, the EU council must reach an unanimous decision on March 21
We are into March with a March 29 end date. We will see what gets said over the weekend.
The GBPUSD is bouncing a little off the lows for the day at 1.3170 (trading at 1.3190). The 100 week MA is up at 1.3196.
You would think the GBPUSD might run higher on a solution/compromise but liquidity is light. Nevertheless, the price is climbing off the lows into the close.
