Brexit Briefing: GBP Slips as EU Pours Cold Water on Trade Talks

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GBP continued to slip lower Tuesday after EU Council President Donald Tusk said that despite UK PM Theresa May’s recent speech in Florence, not enough headway had been made to allow the UK to start trade talks. Mr. Tusk said that the new, constructive tone from the UK showed that the philosophy of “having a cake and eating it is finally coming to an end, at least I hope so.” However he added that sufficient progress had not been made to allow future trade talks as yet, although both sides were working hard at breaking the dead-lock.

GBP/USD hit a 10-day low of 1.34120 on the back of a combination of a slightly stronger USD and Mr. Tusk’s comments. Minor support for the pair comes in around the 1.34050 level on the four-hour chart.

Chart: GBPUSD Four Hour Timeframe (September 1 -25, 2017)

Chart by IG

Today’s meeting also coincides with the fourth round of Brexit meetings between the EU’s chief negotiator Michel Barnier and the UK’s Brexit Secretary David Davis. Mr. Davis fired a warning shot at Brussels saying that after Mrs. May’s speech that there could be «no excuses» for standing in the way of a new deal and the UK would only finalize the Brexit divorce bill for a new deep and special partnership with the EU.

Markets

Index / Exchange Rate

Change (Exchange Hours/GMT Session Rollover)

Market Close/Last

FTSE 100

-0.14%

7,299

DAX

+0.21%

12,622

GBP/USD

-0.22%

1.34350

EUR/USD

-0.53%

1.17850

EUR/GBP

-0.31%

0.87710

Upcoming UK/EU Event Risk

— Written by Nick Cawley, Analyst.

To contact Nick, email him at Nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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