Another rollercoaster week for the Pound   

8 Oct 2019: This will be another choppy trading week for the British Pound as investors evaluate whether the United Kingdom and Brussels will be able to strike a Brexit deal before the EU summit on October 17-18. With just over three weeks until the October 31 Brexit deadline, the clock is ticking with the hourglass almost empty. Will UK Prime Minister Boris Johnson be able to secure a last-minute deal with the European Union? Will he be forced to ask Brussels for an extension if Parliament has not agreed to leave the EU with or without a deal by October 19? Or is Britain on route to crashing out of the European Union on October 31?

The outlook for the Pound remains clouded by uncertainty and this continues to be reflected in the currency’s valuation. GBPUSD remains under pressure on the daily charts. A breakdown below 1.2250 should open the doors towards 1.2200 and 1.2080.

Source: FXTM Senior Research Analyst, Lukman Otunuga 

Reporting for EasyKobo on Tuesday , 8 October 2019 in Lagos, Nigeria

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