Pound in retreat again on latest Brexit reality check

Author: Mike Paterson | Category: News

The hopes and fears of all the years are met in thee tonight 7 Dec

Ok, a bit of poetic licence by quoting a well known Xmas carol as it's still morning over here but it's night time somewhere and the pound's still falling.

After failing at 1.3425 as per the order board ( see my earlier post) we've now taken out 1.3350 support/demand triggering stops to 1.3320 lifting EURGBP to test 0.8850 as EURUSD stays pinned around 1.1785 ( stop me if you've heard this all before) .

UK foreign minister Johnson has been holding a presser mainly on Middle East development but ofc got the Brexit grilling treatment and offered:

  • UK financial offer to EU is very good
  • whatever we agree on Brexit must be consistent with taking back control for the whole of the UK
  • UK govt absolutely punctilious (showing great attention to detail or correct behaviour) in wanting to meet our friends from EU more than halfway in financial offer
Which offer is that exactly? The old one? A new one ? The fantasy one? And all this from the man who said that EU "could go whistle" for further money.

Either way and following on from my earlier post we're getting a another reality check from all the huffing and puffing of recent days.

GBPUSD has bids/support between 1.3300-20 and EURGBP offers/res around 0.8850 so we should expect some pause for thought at the very least but I remain a GBP bear.