The pound rose on Thursday, as currency investors are pinning their collective hopes on the launch of a "white paper" that could perhaps boost trade negotiations between the British government and the EU leadership. The Prime Minister is expected to disclose this plan sometime today and it is said that the plan includes a free trade area. However, that plan is not without controversy, and it is believed that the recent resignations of key government officials in the United Kingdom left protesting these proposals.
As reported at 11:23 a.m. (BST) in London, the GBP / USD pair was quoted at $ 1.3215, a gain of 0.07% and out of the session peak of $ 1.3226; The minimum of the pair for the trading day is recorded at $ 1.3190. The EUR / GBP is trading at 0.8835 Pence, 0.05%; the peak of the session of the pair is at 0.88500 Pence and the minimum at 0.88320 Pence.
Hopeful Pound Sterling set in EU negotiator
Analysts believe that Brussels may be willing to accept the proposal and a favorable response from Michel Barnier, the EU's chief negotiator, could push the pound further. On the other hand, according to a currency strategist, if the EU avoids the "white paper", currency traders could expect the Pound to fall below the $ 1.30 threshold because of the risk of a Brexit agreement.