Last week, the Prime Minister of the United Kingdom, Borris johnson issued the latest statement regarding the current Brexit negotiation situation. "The United Kingdom must be prepared for the no-deal Brexit situation," he said last week.
On the other hand, on behalf of the European Union, the representative of the EU negotiating team, Michael Barnier, stated that the EU is still ready to continue negotiations and will continue to increase the intensity of negotiations until it succeeds in finding a mutually agreed term.
This statement was made in response to several statements by European leaders where they were seen deadlocked looking for a solution and ready to end negotiations earlier. This "dead-lock" situation is seen to continue because both parties are still adamant with their respective demands.
This volatile situation will definitely affect the currency market. If we look at the EUR / GBP pair, it is technically still in a bullish state. The current price level is at 0.909. If negotiations fail and the situation does not favor the United Kingdom, the price will most likely jump to the level of 0.94-0.95 and will stop there.
BREXIT: BORRIS JOHNSON WARNS PREPARED WITH “NO DEAL”, EUROPEAN UNITED PLEDGE TO INCREASE INTENSITY OF NEGOTIATION
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