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Sterling continues with the Brexit see-saw as UK reportedly won’t walk away from talks immediately

GBP/USD rips to a high of 1.2976 before falling back to 1.2930

The pound just got a shot in the arm as Bloomberg reports that the UK isn’t ready to walk away from talks just yet, citing a person familiar with the matter.
Meanwhile, Reuters is also reporting saying that a Brexit deal is difficult but not impossible as they cite a source familiar with ongoing talks as well.
The report by Bloomberg offered little other details but is enough to see cable shoot up from 1.2900 to 1.2976 before running into resistance from the 200-hour moving average.
As such, sellers are still in near-term control but the dynamics are slowly changing. That said, another can kicking moment doesn’t bring either side closer to a deal but at least it buys some time and relief for the pound in the near-term for now.

Source: Technical analysis

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