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Author: Alan Little Date: July 23, 2020

GBP/USD remains stable in spite of trade deal worries

The recent climb by the GBP/USD has come to a halt following the release of a report that the UK may have given up on achieving a post-Brexit trade deal with the EU.

A separate report has given a similarly gloomy outlook for the prospect of the nation making a trade deal with the US before the end of the year.

However, it has only been a modest setback for the GBP/USD, which suggests that the pair’s climb could actually resume and get even higher before too long.

The absence of any sharp selloff following the gloomy trade talk news is being seen as an indication that the pair’s underlying trend continues to be upwards.

The Daily Telegraph reported on the likelihood that the UK will be unable to reach a trade deal with the EU after Brexit, with the UK government assuming that its country and the EU will trade with WTO rules after the end of 2020.

The Financial Times has also issued a separate report suggesting that the UK also believes that a trade deal with the US is unlikely to happen before the US Presidential election in November.

However, Wednesday’s FTSE 100 index of the major stocks listed in London has barely changed, with the EUR/GBP being only slightly higher and the GBP/USD only being marginally lower.

The most recent moves in Sterling come in the middle of a largely positive sentiment within financial markets, which are expecting a worldwide economic recovery after more stimulus measures were made by the US and after an EU recovery fund agreement.

However, the rise in coronavirus cases has seen a muted response from the markets.

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