Although the current week started with a high, the British pound fell below $ 1,320 amid the resumption of Brexit negotiations.

Strategists at ING, a financial conglomerate in the Netherlands, said the prospects for a trade deal look a little better, but major issues remain unresolved and time is running out.

“There is a need for an agreement but the time for ratification is now very little. Both sides are now rushing to close a deal this week, “they said.

The UK officially left the EU in January, but its transition period, while remaining within the EU customs union and single market, ends on December 31. Both sides are trying to reach an agreement before this date.

On Monday, an EU official said it was “too late” to conclude a new trade agreement with the UK.

But Irish Foreign Minister, Simon Coveney, said problems would arise if no agreement was reached within the next week, later adding that negotiations could continue for another two weeks.

UK Health Secretary, Matt Hancock, said the substance of the negotiations has not changed since Boris Johnson said the UK would prosper even without an agreement.

As for the GBP / USD pair, Richard Perry, senior market analyst at Hantec, said he was expecting a steady climb, since market participants are bullish.

“We’re pretty positive. At the moment, there is no real reason to believe that the two sides are not moving towards an agreement”, he said. “It seems that at some stage, the market is preparing for an agreement.”

Meanwhile, survey says that nearly half of the UK, both small and medium-sized manufacturers, have no idea how the end of the transition will affect their businesses.

The material has been provided by InstaForex Company –

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.