07.09 - EUR/GBP gains traction on Monday
- by George Solotarov
The bearish pressure around the sterling picked up pace in the last hour and pushed the EUR/GBP cross to one-week tops, around the 0.8960 region. The cross caught some fresh bids on the first day of a new trading week and built on last week's recovery move from the 0.8865 region, or near three-month lows. The momentum was sponsored by the emergence of some fresh selling around the British pound amid fears of a no-deal Brexit.
The UK Brexit negotiator David Frost said on Sunday that Britain was not scared of a no-deal exit at the end of the year. Separately, the Telegraph reported that UK Prime Minister Boris Johnson has set a deadline of October 15 to strike a free-trade deal with the European Union.