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GBP/EUR Declines Awaiting Support from Brexit Talks

M. Ali 5 October, 2020 9:51 pm Forex Market, Market Update

The British Pound (GBP) declined against the Euro (EUR) on Monday, opening the week with limited losses amid anticipation for trade talks between the European Union (EU) and the United Kingdom (UK).

The two sides recently agreed to speed up negotiations to reach a breakthrough.

Disagreements persist and it remains to be seen whether London and Brussels could reach a trade arrangement or if the transition period will have to be extended, something that the British government previously vowed it would not do as it views as necessary.

The GBP/USD is lower for the day by 0.20%, trading at 1.1020, after closing last week at 1.1042.

The pair has been moving in a range between 1.1001 and 1.1045.

Support Levels: 1.2866 – 1.2794 – 1.2750

Resistance Levels: 1.2982 – 1.3026 – 1.3098

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