UK PM Boris Johnson’s new Brexit deal saw lukewarm response from policymakers in Brussels. With a lack of any clear enthusiasm, the focus shifts to a possible delay of the Brexit deadline once again.
News outlets report that the Scottish court ruled that PM Johnson must seek an extension if no deal is reached by October 19th. However, the British Prime Minister has maintained his stance that the UK will leave EU regardless of a deal by October 31st.
GBP/USD Stays Muted to Brexit Drama
The pound sterling logged some modest gains on Friday. Price action remains trading within the resistance area of the 1.2370–1.2291 region. On a weekly basis, the GBPUSD closed with modest gains.
However, the weekly bearish bias remains. Unless GBPUSD closes above 1.2370, we expect the downside momentum to pick up the pace once again.
