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GBP/USD Surges Above 1.30 on Brexit Deal Hopes

M. Ali 21 October, 2020 9:11 pm Forex Market, Market Update

The British Pound (GBP) surged on Wednesday, supported by renewed hopes for a trade agreement between the United Kingdom (UK) and the European Union (EU).

Earlier today, the EU Chief Negotiator, Michel Barnier, said an agreement is possible if both parties are ready to work constructively and in a spirit of compromise over the next days.

The GBP/USD is up by 1.68% at 1.3166, after rising earlier to as much as 1.3177.

The Sterling gains are also supported by the general decline of the greenback.

Support Levels: 1.3055 – 1.3015 – 1.2994

Resistance Levels: 1.3116 – 1.3137 – 1.3177

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