FXStreet reports that progress in EU/UK trade talks could now flip GBP/USD range to 1.32-1.37, economists at Westpac apprise.

“Data over the next week is dominated by surveys (notably PMI and CBI surveys). Confidence is a key component and will be critically related to both the containment of COVID-19 cases and the risk of failure in EU/UK trade talks.” 

“EU/UK post-Brexit talks appeared to be close to being abandoned at the end of last week. However, potential easing of contentious parts of UK’s Internal Market Bill and possible solutions for EU fishing rights in UK waters could allow intense legal discussions as early as next week. It that transpires, GBP/USD could flip its recent range through 1.3200 (for a 1.32-1.37 range), despite the current rise in COVID-19.”