Tough Brexit Talks

UK Union Jack Flag alongside some European Union flags
Yesterday, U.K. Prime Minister Boris Johnson tried to put E.U. negotiators under pressure by saying the U.K. will quit Brexit talks if no deal is agreed by Oct. 15. He also claimed that U.K. would prosper in no-deal Brexit. The 8th round of negotiations will start tomorrow.

From a technical point of view, on a daily chart, GBP/USD remains on the upside, supported by its rising 50-day moving average (in blue). The daily RSI remains within its buying area. Readers may therefore consider the potential for further advance above horizontal support at 1.2990. The nearest resistance would be set at 2019 high at 1.3515 and a second one would be set at previous overlap at 1.3770 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex GBP

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