Irish Foreign Minister adds to the confidence of a deal
He says:
- Strong chance of Brexit deal
- hope will get certainty over next 6 weeks
- unlikely UK backstop text will be published
- don't know if UK proposals will be enough
- EU showing willingness to move
- November more likely than October for Brexit deal
- hopefully we'll get enough progress for November summit
- don't think we will have a no-deal Brexit
- In the event of no deal Brexit it's carnage
- different question is deal can be sold in London
- thinks EU strategy on backstop working
- thinks Barnier de-dramatization of border issue is working
- we wait legal text from UK
- we need to give negotiating teams time and space to work through issues; we'll know a lot more on Monday or Tuesday
The GBPUSD keeps the bid after moving above a cluster of resistance defined by the 100 day MA, 50% retracement of move down from September 20 high and a topside trend line (from 1.3101 -13). The 61.8% retracement is the next target at 1.31538.
