The GBP/USD pair is rising today as traders react to the new progress on Brexit and the rising possibility of a Brexit deal. The overall weaker dollar has also contributed. It is trading at 1.3400, which is slightly higher than this week’s low of 1.3200.
What happened: Boris Johnson and Ursula von der Leyen intensified their talks yesterday as they attempted to bridge the large gaps between the two sides. With less than a week to go, analysts believe that the two sides will ultimately find consensus on the key issues.
Further, France became the first major country to reopen its travel to the UK for truck drivers. The country had previously closed its doors as the UK continued to battle a new strain of the virus.
Later today, it will react to the US jobless claims and personal spending and income data.
GBP/USD technical outlook
What next for GBP/USD: The daily chart shows that the GBP/USD is rising for the first time this week today. It is trading at 1.3400, which is slightly above the ascending blue trendline. It is also a few pips above the 25-day EMA. Therefore, the pair will possibly continue rising as bulls aim for the next important resistance level at 1.3500.
GBPUSD technical chart
