Pound Recovers As EU Signals Willingness To Continue Brexit Talks

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The pound recouped its early losses against its major counterparts in the European session on Wednesday, following a media report that the European Union would continue Brexit talks despite the publication of the Internal Market bill.

The EU would not suspend talks on Brexit because of the new UK internal market bill, according to a Reuters report.

The bill stated that some of its provisions will override international law.

If approved, the bill would grant ministers the power to reject parts of the Northern Ireland protocol of the Withdrawal Agreement by waiving export declarations and other exit procedures.

The pound rose to 1.3015 against the greenback, after falling to 1.2885 at 7:45 am ET, which was its lowest level since July 28. On the upside, 1.33 is likely seen as its next resistance level.

The pound firmed to 138.19 against the yen, up from nearly a 6-week low of 136.73 set at 2:45 am ET. Should the currency rises further, 141.00 is seen as its next resistance level.

The U.K. currency bounced off to 0.9081 against the euro and 1.1897 against the franc, from its early fresh 6-week lows of 0.9131 and 1.1831, respectively. The currency is likely to challenge resistance around 0.88 against the euro and 1.21 against the franc.

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