The Pound slowed down its growth for a while. Overview for 17.10.2019

On Thursday, GBPUSD is consolidating and waiting for the news from the European summit on Brexit.

After a couple of positive trading sessions in a row, the British Pound is consolidating against the USD on Thursday afternoon and waiting for the news. The current quote for the instrument is 1.2765. 

Investors’ attention is focused on Brussels today, where European leaders are starting their two-day summit. The key topic is Brexit and it will easily beat any other subject policymakers may want to discuss. 

Earlier, representatives of both the United Kingdom and the European Union said that the managed to solve all disagreements that they had during these negotiations. On paper, the agreement may be concluded as early as today or tomorrow, so that the British Parliament could have time to approve the deal on its special meeting on Saturday. The British Prime Minister Boris Johnson will have to do his best to navigate the deal through the Parliament, the thing that the former Minister Theresa May failed to accomplish on several occasions. 

If the Parliament denies the deal with the EU, Johnson will have to ask the alliance for another extension. The current deadline is October 31st, so there is not much time left. 

However, it seems that those market players who invest in the Pound aren’t afraid of any possible complications from the Parliament, but as long as there is no news, they prefer to just watch and avoid any “sudden movements”.