The pound pulled back against its most major counterparts in the European session on Wednesday, after a media report showed that a mid-November deadline to strike a post-Brexit deal between the U.K. and the European Union is likely to be shifted.

Reuters reported that EU leaders in Brussels will not be updated on the talks this week and the Brexit issue is now penciled in for the November 18 meeting.

Negotiators are considering to come up with an agreed text in the middle of next week, unless talks collapse or there is a breakthrough earlier.

The new deadline will be late next week.

The fall remained limited amid a weaker dollar and on vaccine hopes.

The pound retreated to 1.3239 against the greenback, from an early high of 1.3314, which was its strongest level since September 4. The pound is likely to challenge support around the 1.31 area.

After rising to more than a 2-month high of 140.30 at 4:30 am ET, the pound eased off to 139.65 against the yen. The pound is seen testing support around the 138.00 level.

The pound eased slightly to 1.2149 against the franc, from a 2-1/2-month high of 1.2202 seen at 4:30 am ET. The pound may target support around the 1.20 level, if it extends fall.

After a brief fall, the pound climbed to a 6-month high of 0.8861 against the euro. On the upside, 0.86 is likely seen as the next resistance for the pound.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.