Pound exchange rates have pushed to a one month high against a number of currencies to boost the GBP/EUR outlook.
The pounds rally has come about following comments made by French president Emmanuel Macron. Earlier today Prime Minister Boris Johnson met with Mr Macron in Paris for Brexit talks. During their meeting Mr Macron said the UK’s vote to quit the EU must be respected. But he added that the Ireland-Northern Ireland backstop plan was “indispensable”
This has led the market to believe the door maybe ajar for deal to be reached. PM Boris Johnson said that with “energy and creativity we can find a way forward”.
The main sticking point is the Irish backstop most had expected Mr Macron to point-blank refuse to renegotiate but this didn’t materialise. As a result the pound pushed from this mornings open of 1.0910 to peak at 1.1060 – the highest in a month. GBP/EUR outlook: A good buy opportunity?
Will the pound continue to strengthen?
Over the last two days, and following meetings with German Chancellor Angela Merkel and French Prime Minister, there seems to have been a slight olive branch dangled in front of Boris Johnson. As a result the market has interpreted this as being a chance a deal can be reached by the 31st October. I am still confident we will reach a deal and I can see the pound pushing on further. I hope to see some better opportunities for those exchanging GBP in the coming weeks.
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