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Forex News: Pound Falls On Brexit Concerns

Pound Falls On Brexit Concerns

11/19/2020 - 03:31:00 (RTTNews)

(RTTNews) - The pound lost ground against its major counterparts in the Asian session on Thursday, after a media report showed that European leaders are considering no-deal Brexit plans due to the lack of progress on key sticking points.

The Times reported that EU leaders are concerned that businesses and fishing communities will be hit by economic disruption without EU contingency measures to cushion the blow of no-deal.

Time is running out for a deal with the two sides "still quite far apart".

"We must now come up with contingency measures. January 1, 2021 is getting close; we need a safety net," the report showed, citing an EU official.

Both sides are "nowhere near" agreeing on fishing rights as hardline member states, led by France's Emmanuel Macron, are demanding the same level of access to the waters after Brexit.

The pound fell to a 10-day low of 137.20 against the yen from Wednesday's closing value of 137.72. Next key support for the pound is seen around the 135.00 level.

The pound weakened to a 2-day low of 1.3224 against the greenback, compared to 1.3267 hit late New York Wednesday. On the downside, 1.28 is possibly seen as its next support level.

The pound that ended Wednesday's trading at 1.2088 against the franc depreciated to a 2-day low of 1.2049. The pound is likely to test support around the 1.19 level, if it drops further.

The U.K. currency reached as low as 0.8958 against the euro, compared to yesterday's closing value of 0.8928. The next possible support for the pound is seen around the 0.92 level.

Looking ahead, Eurozone current account and construction output for September are due in the European session.

The U.S. weekly jobless claims for the week ended November 14 and and existing home sales for October will be featured in the New York session.

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