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Forex News: Pound Falls On Brexit Concerns

Pound Falls On Brexit Concerns

10/14/2019 - 06:51:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Monday, amid renewed uncertainty over Brexit, as the UK-EU officials said over the weekend that a lot more work would be needed to secure a Brexit agreement.

Following intensive talks in Brussels, the EU chief Brexit negotiator Michel Barnier said that there remained "a big gap" over customs arrangements.

Hopes for a breakthrough in talks dimmed as both sides remained far apart on customs and the Irish border.

European shares fell as weak data from China prompted traders to book some profits after strong gains in the previous session. China's import and export figures for September both came in worse than expected, adding to concerns about slowing economic growth.

The currency has been trading in a negative territory against its major counterparts in the Asian session.

The pound declined to 135.68 against the yen, from a high of 137.17 seen at 6:45 pm ET. The currency is likely to face support around the 134.00 level.

The pound reversed from an early high of 1.2645 against the greenback, falling to 1.2550. Next near term support for the pound is likely seen around the 1.24 level.

After an uptick to 1.2617 against the franc at 7:00 pm ET, the pound slipped to 1.2487. On the downside, 1.23 is likely seen as the next support level for the pound.

The pound edged down to 0.8795 against the euro, following an advance to 0.8724 at 5:00 pm ET. The currency may find support around the 0.90 mark, if it weakens further.

Data from Eurostat showed that Eurozone industrial production expanded in August after easing for two straight months.

Industrial output grew 0.4 percent month-on-month, offsetting a 0.4 percent fall in July. This was the first rise in three months.

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