Oct 12 (Lagos) - Risk sentiment is also being boosted by reports of another crucial deal becoming likelier across the Atlantic.
UK Prime Minister Boris Johnson and Irish premier Leo Varadkar said they have identified a “pathway” towards a Brexit deal. Following the news, GBPUSD breached the 1.245 mark for the first time since September 25 after seeing its biggest one-day jump in seven months, before moderating slightly to converge around its 100-day moving average.
With three weeks remaining before the existing October 31 deadline, markets can expect more twists and turns in the Brexit saga, as has been the case since 2016. This uncertainty also means that the Pound will be highly volatile as the UK endeavours to find its way out of the European Union. The 1.20 level remains the floor supporting Sterling, unless a no-deal Brexit becomes an absolute certainty.
reporting for easykobo.com on Saturday, Oct 12 2019 from Lagos, Nigeria
Source - written by Han Tan, market analyst at FXTM