Could a Brexit deal be possible by next week?
The British pound has been slowly grinding higher as officials are planning for the UK and European Union to strike a deal on their future relationship, as early as next week. Michel Barnier, the EU's chief Brexit negotiator has already planned a meeting with the EU's 27 national ambassadors on Friday to update them on the progress.
The talks between the two countries have been at a stalemate since March, with both sides using time to try and get the other side to cave in. However, as the UK's departure from the EU on 31 December draws closer, the pressure is on to make a deal - especially in the midst of a battered economy from the coronavirus pandemic.
While good news, traders are still cautious as everyone has heard this story before. The British pound has not 'run away' yet. Some officials say that talks could still break down. However, if a deal hasn't been signed by the EU Summit on 10-11 December, it's likely that Britain will have a messy exit from the single market.
Did you know that you can speculate on the price direction of the British pound against another currency using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!
How to trade EURGBP with Admiral Markets UK Ltd
If you are feeling bullish or bearish on the price of EURGBP you can speculate on the direction using CFDs. To get started, follow these five simple steps:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in EURGBP and choose your instrument at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, EURGBP, Weekly - Data range: Jun 8, 2014, to Nov 18, 2020, performed on Nov 18, 2020, at 7:07 am GMT. Please note: Past performance is not a reliable indicator of future results.
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