GBP/USD down 36 pips
I don't know how you could classify the Johnson-Lon Der Leyen meeting as anything better than a disappointment.
Still, cable is now down just 35 pips and it remains near the top of the range of the past two years.
I think the longer-term chart gives us a good idea of what's at stake. Cable either breaks out or it comes crashing down like the SpaceX testflight that just ended in a fireball.
As you can see, the market remains optimistic. Everyone has seen that Johnson always takes negotiations to the absolute limit so that's probably what's happening here. Could it be complacency? Absolutely but it's in the interest of both sides to have a smooth deal and the market continues to say that it will happen.
Do you trust these four to make a deal?
