- GBP/USD moved lower before rebounding higher.
- Brexit optimism triggered a move higher.
- Today Barnier- Frost will meet and US NFP will be in focus
The GBP/USD surged 100 pips to 1.2940 before retreating.
After an early move lower to 1.2835 GBP/USD bulls bought in, reacting to news that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen on Saturday. The two will attempt to find a route to an agreement after the latest talks saw limited progress.
GBP/USD advanced but lacked conviction amid a mild pickup in the USD. The absence of an agreement in Congress for additional fiscal stimulus hit sentiment and demand for riskier assets. News that US President Donald Trump was tested positive for COVID-19 dragged on sentiment further
Attention now turns to a meeting between the EU’s chief negotiator, Michel Barnier, and his British counterpart David Frost on Friday. Headlines will direct expectations of the two sides entering a final intense negotiating period, signalling the end is in sight.
The US monthly non-farm payroll report. is in focus and is expected to show that the US economy added 850K new jobs in September, down from 1.37 million in August. Unemployment is forecast to lower to 8.2% from 8.4%. NFP’s, plus stimulus headlines could drive the USD on Friday
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