The pound posted gains on Tuesday after PM Johnson called upon the EU. Talking about the Brexit deal, Johnson called for EU officials to remove the Irish backstop. Johnson said that the backstop was unviable but said that a deal could still be reached by October 31st. The EU has so far maintained that the Irish backstop was not up for negotiation.
GBP/USD Holds Support at 1.2082
Sterling briefly retested the support area of 1.2082 before posting gains. With the support level being established, the descending wedge pattern is likely to take shape. This will put the minimum upside to 1.2210 initially. A close above this level will see the GBPUSD likely to push higher towards the main resistance area of 1.2533 – 1.2511.
