The Pound is waiting for the Brexit news. Overview for 16.10.2019

GBPUSD is trading close to May’s highs; investors’ attention is focused on the Brexit deal draft.

The British Pound moved a bit away from yesterday’s highs, but may yet continue rising. The current quote for GBPUSD is 1.2756. 

Last night, the Pound was pretty popular in the view of talks about the Brexit deal draft prepared by the United Kingdom and the European Union. They said that the draft might appear in the media on Wednesday morning, but there hasn’t been any news about it so far. 

Meanwhile, the talks continue. On Thursday, the EU is set to have the Brexit summit and some of the documents had to be ready at the opening. 

It seems like the Pound will remain volatile in the next 24 hours, so investors may try to benefit from everything that is relating to the Brexit procedure.

The statistics published yesterday showed that the Unemployment Rate rose from 3.8% in August to 3.9% in September. The Claimant Count Change was 21.1K, bringing the total amount to 1.31M. The Average Earnings Index added 3.8% 3m/y against the expected reading of +4.0% 3m/y.

Overall, the British labor market is estimated as stable and neutral, and the August decline might have been temporary. In this light, it will be interesting to check on September numbers.