The EU will give UK access to the financial sector, what's next for GBP/USD

The European Union has said it is possible to give the British financial sector access to that of the bloc, it became clear after the statement by the British minister responsible for the finance sector, John Glenn.

The transition agreement was crucial, giving financial companies the opportunity to continue their business and plan their investment on the mainland in Europe.

"The fog is spreading ... We are already seeing progress," he said at a conference. "The EU has now accepted that there will be some form of market access for financial services, rejecting the idea before," Glenn said.

Despite the progress, GBP seems to be facing one of its toughest periods as far as the USD. Let's take a quick look at GBP/USD - Daily.

The trend remains a lot ... At least for now. The latest USD momentum, as well as the record highs of the pounds, helped push the British currency down for the last five business days. The pair made a key breakthrough in internal diagonal and horizontal support levels, coupled with a 23.6% Fibonacci correction of the main trend. Short positions are now more likely, but the level that will be of cardinal importance to the pair is around 1.3760 (the Green Zone). This limits the possibilities of short positions, and Short of the current levels will be too risky. I'm waiting for you to reach the support area where I'm looking for an appropriate Price Action for Long. A downward break will, however, radically change the moods, as we will then have Double Top formation activation.

Source: Bloomberg Pro Terminal

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