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Forex News: Pound Trades Lower On Brexit Worries

Pound Trades Lower On Brexit Worries

09/16/2019 - 08:43:00 (RTTNews)

(RTTNews) - The pound traded lower against its major counterparts in the European session on Monday, as U.K. Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker are meeting in Luxembourg with no hopes for a major breakthrough in Brexit talks.

The possibility of a breakthrough is less, unless Johnson presents new Brexit proposals to Juncker.

Ahead of his meeting with Juncker, Johnson insisted that he would stick to the October 31 deadline, irrespective of whether an agreement is reached.

"We will leave by that date - deal or no deal. Yes, it may now be harder to get a deal, since MPs seem set on tying the Government's hand behind its back," Johnson wrote in The Telegraph.

Juncker dismissed the possibility of reopening the withdrawal deal and cautioned that 'time is running out'.

European stocks fell as key data from China disappointed and attacks on Saudi Arabia's oil facilities raised geopolitical risks.

Chinese industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.

Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.

The pound dropped to 1.2426 against the greenback, from a high of 1.2503 hit at 7:15 pm ET. The pound is seen finding support around the 1.21 mark.

Having climbed to 134.86 against the yen at 6:00 pm ET, the pound reversed direction and declined to 133.88. Next key support for the pound is likely seen around the 130.5 level.

The pound edged down to 1.2301 against the franc from Friday's closing value of 1.2369. Should the pound falls further, it is likely to face support around the 1.21 region.

In contrast, the pound appreciated to 0.8850 against the euro, its strongest since June 7. The pound is poised to challenge resistance around the 0.86 mark.

Looking ahead, Canada existing home sales for August are due in the New York session.

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