British Pound Rises As EU Welcome Irish Border Proposal

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GBP Brexit FNW

British Pound rises as EU welcome Irish Border Proposal, Brexit headlines on the green zone again

  • GBP is trading well above 1.3040 (04.10.2018), as EU welcomes an Irish border proposal.
  • Brexit headlines on the green zone again and a deal seems to be very likely to happen.
  • USD has been underperforming and its “6-days consecutive gain” has ended, as it was trading at 95.31 while the report is being written.
  • JPY gave a little break to its sinking move and it is trading just below 114.00.
  • AUD had been held captive in a narrow margin as its Chinese Proxy is heavily in at a trade war with US.

British Pound (GBP) market trends

The British pound has been outperforming on Thursday (10.04.2018) morning. as there was a new Irish border proposal and EU suggested that it was a right move in the right direction. Overall, GBP gets a massive boost and it has been on the green against all of the major currencies. It was also hitting a 2-month high against EUR and the support situation is reigning at 0.8839. GBP/USD pair is well above the 1.3040 region and GBP/JPY pair is looking forward to break above 149.00 region.

GBP/USD daily chart

GBP-USD daily chart 05-10-2018

JPY market trends

The Japanese experienced a little bit of freedom from its persistent selling that it had been experience for the last couple of weeks. Right now, it is being traded at 113.85 and it is holding a narrow margin and has paused the downward momentum.

USD-JPY daily chart 05-10-2018

AUD market trends

AUD has largely been held captive in a narrow margin for the last couple of days, and it has seen a 9% drop, eyeing the 2018 low at 0.7066. There is a greater chance of further losses for AUD as US Vice President addressed the issue surrounding China and it might escalate the recent tension between US and China. As no trade deal is in the sight, risk levels remain elevated, leaving AUD vulnerable to further losses.

To the bottom lines

Right now, GBP appears to be well-suited in a green zone and there is a greater chance of further upward movement. The future does not look so bright for JPY and AUD may face the same fate as well.

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Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.

 

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