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Forex News: Pound Trades Higher On Hopes Of Brexit Process

Pound Trades Higher On Hopes Of Brexit Process Delay

12/31/2018 - 06:17:00 (RTTNews)

(RTTNews) - The pound gained ground against its major opponents in the European session on Monday, following reports that the Brexit deadline may be pushed back should Prime Minister Theresa May's deal fails to get Parliamentary approval in January.

The Observer reported that senior members of both the Conservative and Labour parties are planning to force the government to hold off Brexit process to at least July, if May's deal fails to pass through parliament in January.

"If we are determined to avoid a no deal, and the prime minister's deal fails, we will have to ask to stop the clock, and that will give time for us to decide to go whatever way we decide thereafter," a senior Conservative MP told.

Underlying sentiment remained supported somewhat after U.S. President Donald Trump on Saturday said that he had a "long and very good call" with Chinese President Xi Jinping and that a comprehensive trade deal between the United States and China is moving along very well, raising hopes for a breakthrough in the trade dispute.

Separately, Chinese state media cited President Xi Jinping as saying he believed both sides wanted "stable progress."

The currency held steady against its major counterparts in the Asian session, barring the greenback.

The pound spiked up to a 3-week high of 1.2749 against the dollar, from a low of 1.2680 hit at 1:45 am ET. The pound is seen finding resistance around the 1.29 mark.

Having dropped to 0.9021 against the euro at 7:30 pm ET, the pound reversed direction and climbed to a 5-day high of 0.8973. Next key resistance for the pound is seen around the 0.88 area.

The U.K. currency strengthened to 4-day highs of 140.53 against the yen and 1.2570 against the franc, off its early lows of 139.99 and 1.2477, respectively. On the upside, 143.00 and 1.27 are possibly seen as the next resistance levels for the pound against the yen and the franc, respectively.

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