Johnson says UK preparing for no-deal Brexit

October 16, 2020 17:00

UK Prime Minister Boris Johnson said the country is now preparing to leave the European Union without a free trade deal in place. Johnson blamed the bloc for not giving good enough terms and said he would seek a no-deal Brexit unless there is a "fundamental change of approach" from the EU causing the British pound to fall.

Only last month, Johnson set a self-imposed deadline for the 15 October for negotiators to come to an agreement or end the talks. When asked to clarify if he was ending negotiations, Johnson said: "We're saying to them: come to us."

The Prime Minister also pointed out that unless there is a change in approach from the EU, they will be going for the Australia solution which some analysts say could result in a near-term shock of around 1.5% of GDP which is around £300 billion to the UK economy and worse if the pound falls.

Did you know that you can speculate on the direction of the British pound against other currencies 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!

Just yesterday, Downing Street was surprised when France's President Emmanuel Macron said that it was the UK's decision to leave the EU and it is up to them to accept the terms with divergences on fisheries and state aid the main issue. This was seen as a challenge to the British Prime Minister's continued threats to walk out on the talks.

However, shortly after Jonshon's televised statement, European Commission, President Ursula von der Leyen tweeted that negotiators from the bloc will still travel to London next week to 'intensify' their discussions. The Brexit saga continues.

You can learn more in the 'Investing in the UK Stock Market After Brexit' article.

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 its price direction using CFDs. To get started, follow these five simple steps:

  1. Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
  2. Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
  3. Type in EURGBP, or another instrument, at the bottom of the Market Watch search box and then drag the symbol onto the chart.
  4. Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
  5. Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.

Source: Admiral Markets MetaTrader 5 Web, EURGBP, Monthly - Data range: Oct 1, 2006, to Oct 16, 2020, performed on Oct 16, 2020, at 12:09 pm BST. Please note: Past performance is not a reliable indicator of future results.

Did you know that you can open a free demo trading account to test your trading ideas and theories regarding the price direction of thousands of markets in a virtual trading environment? Open your free account today by clicking on the banner below and receive free access to Premium Analytic tools and more!


The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

1.This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

2.Any investment decision is made by each client alone whereas Admiral Markets UK Ltd (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

3.With a view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

4.The Analysis is prepared by an independent analyst Jitan Solanki, Freelance Contributor (hereinafter "Author") based on personal estimations.

5.Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

6.Any kind of past or modelled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

7.Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.