Forex - GBP/USD, EUR/GBP Flows: Brexit Secretary David Davis has called on both sides in the negotiations on the UK's departure from the European Union to "get down to business"


 04:28 (GMT) 17 Jul

  [Forex Flows]

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GBP/USD, EUR/GBP Flows: Brexit Secretary David Davis has called on both sides in the negotiations on the UK's departure from the European Union to "get down to business" (0100-QSPN-C01)

BBG: Brexit Secretary David Davis has called on both sides in the negotiations on the UK's departure from the European Union to "get down to business". He said his priority was to "lift the uncertainty" for EU citizens living in the UK and Britons living in the EU. The EU says there must be substantial progress on this - and on a financial settlement and the issue of the Irish border - before trade talks can begin. Mr Davis said: "We made a good start last month, and this week we'll be getting into the real substance."

GBPUSD was still seen hovering around overbought levels of 1.3100. One of the reasons the pair traded to a ten month high of 1.3113 last Friday was due to large sized stops being flushed out above technical resistance of 1.3050. Technically, next resistance is only seen at 1.3450, but obviously no one would expect prices to trade to that level in a hurry. The order book is now relatively empty on both sides, and much would depend on EURGBP gyrations. The cross was last seen at 0.8746, with strong support seen at 0.8710 - 20 levels.


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