A day after EU leaders shrugged off the Brexit proposal, reports showed that EU officials were ready to make concessions. The EU is looking at an option to offer a mechanism for Northern Ireland to leave the backstop after a number of years. The reports come as the deadline for the October 31st Brexit deal looms closer.
Sterling Stays Muted to Brexit Developments
GBPUSD remained rather flat. Price action was seen testing the lower end of the support at 1.2203. It later bounced back higher after testing this level but prices remain caught to the upside of 1.2291. As long as the support holds, the currency pair could remain flat. But the bias is building up to the downside. A breakdown below the support could signal a decline to 1.2082.
