Forex

Sterling rises, but Brexit uncertainty weighs

2020-07-10 22:16:23 GMT (Economies.com)

The British pound edged up on Friday, despite the lingering uncertainty over the Brexit talks, which did not result in any progress so far.

 

Analysts see that the British pound will remain weighed down by the uncertainty over the futile Brexit talks between the European Union and the UK.

 

The UK chief Brexit negotiator had stated that the deep differences between the two sides remain, with little progress on reaching an agreement on future relations.

 

However, Sterling attracted more buyers against the Euro earlier today, and hit a 3-week high.

 

The Chancellor of the UK's Treasury revealed earlier this week a new stimulus package worth £30 billion to cut VAT, in aims to support the British economy from further impacts of coronavirus.

 

As of 20:11 GMT, GBP/USD rose 0.1% to 1.2621, after hitting a high of 1.2665 and a low of 1.2567.

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