GBPUSD has started the week by pushing slightly higher in the anticipation of the outcome of today’s meeting in Brussels, where representatives of 27 members countries meet to decide on granting an extension to prolong the 31 October exit.
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According to Reuters, there is a high chance that EU will grant another extension to UK, most likely until Jan.31.
“There will most likely be an agreement on Monday morning between the 27 on extension until January 3,” a source close to French President Emmanuel Macron told Reuters.
In the meantime, GBPUSD has pushed around 30 pips higher this morning on the Reuters story. The price action came close to test the first level of support ($1.2780) on Friday, but the bulls have managed to rotate the price above the $1.28 handle. The resistance is still located above the $1.30 mark, where the fresh 5-month high sits.