In the past two days renewed discourse on the possibility for the negotiation of a trade deal between the UK and the EU, prior the official divorce deadline on the 31st of October, has reinstated positive investors’ confidence.
Donald Tusk, the President of the European Council, has said that he sees 'promising signals' for an eventual deal, following recent assertions by Irish and British officials that there is a 'possible pathway' to breaking the current deadlock.
Earlier today Michael Barnier and Steve Barclay, the senior British and European negotiators, met in Brussels to continue with the discussions.
At any rate, a trade deal seems possible only if the two sides manage to reach a compromising point on the issue of the Irish Border – the so-called Irish Backstop.
The EU Commission is determined to preserve the current status of the land border there regarding the unrestrained movement of people. Boris Johnson’s administration, however, has so far been adamant in its reluctance to compromise with the idea of a hard border.
It is yet to be seen if either side, if any, would be willing to compromise with its initial priorities regarding the Irish border in favour of achieving a comprehensive trade deal.
Meanwhile, the GBPUSD has soared with more than 3 per cent during the last two daily trading sessions as a result of the positive news in relation to the possibility of a trade deal negotiation.
The pair is currently trading at around 1.26170, which is just above the major resistance level at 1.25270.
Image source: Trendsharks ©, created with TradingView.com
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