News broke yesterday of Boris Johnson and the EU finally agreeing a deal for the UK to leave the EU. Finally. Once news broke of the agreement the Pound began to surge to levels not seen for the past 5 months. GBP/USD was in touching distance of hitting $1.30 and GBP/EUR hitting a high of €1.1633.
These gains were short lived as the DUP quickly tweeted that they would not be backing the new deal and the steam ran out of Boris being able to push the deal through Parliament. This saw cable retrace its gains back to a resistance level of $1.2750 and the single currency drop back to the low €1.15’s. All eyes will be on the special sitting of Parliament on Saturday to see if Boris can gain the support, he needs to get the deal voted through.
The move yesterday highlighted the volatility we are seeing in the currency market at present, swings of over a cent in a day have become the norm this week. At Optimal Currency we have two contracts here called a Stop Loss and a Limit Order that can help you target trading prices 24 hours a day and help you against any adverse market movement. If you would like to speak to an experienced currency broker at Optimal Currency, get in touch on the details below.