​GBP/USD Regains 1.3000 with Resistances Remaining Above

WikiFX News (13 Oct.) - Recently, the UK and Europe agreed to reach a “miniature” agreement before October 15 on areas of common interest, such as aviation and road transport, which sent an opportunity for GBP/USD to regain the 1.3000 barrier. But resistances are still lying above the pair amid the UK's grim economy.

Although October 15 is the deadline set by the UK for trade negotiations, the two sides are still at loggerheads over areas such as fishing rights and fair competition. However, the recent breach of GBP/USD above the 1.3000 barrier (an intraday high of 1.3049) indicates that markets have universally expected a trade agreement reached by the two sides before December 31.

Nevertheless, the pound's upside seems to be unsustainable. The outbreak in the UK has blocked its economic recovery, with GDP rising just 2.1% month-on-month in August, far below the market forecast of 4.6%, according to the Office for National Statistics, .

The unemployment rate of the UK for September, which is expected to embrace a rise, is about to be released at 14:00, October 13 (GMT +8). Besides, as the government's regional job retention scheme has come to an end, the countrys labor market will be much severe.

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