Pound Higher as PM Seeks Compromise

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The Pound Sterling was trading above the $1.30 level within narrow ranges as Brexit talks continue among the key players. With the deadline once again looming, investors remain somewhat skeptical that the Prime Minister will be able to obtain the backing of her opposition party. Theresa May is hoping that she will have gotten Jeremy Corbyn, the leader of the Labour Party, to agree to a compromise before this Wednesday's summit of EU leadership. The compromise would allow the Prime Minister to request a lengthier postponement until the issues are hammered out.

As reported at 10:52 am (GMT) in London, the GBP/USD was trading at R1.3057, up 0.1626%; the pair has ranged from a trough of $1.3028 to a peak of $1.3072 in today's trading day. The EUR/GBP was trading at 0.8607 Pence, a gain of 0.057%; earlier, the pair had hit a high of 0.86130 Pence while the low was recorded at 0.85909 Pence.

Sentix Survey Lifts Euro

The release of the Sentix Investor Confidence Survey for April helped to provide a lift to the Euro. It was reported that investor confidence improved to -0.3%, below the analysts' forecasts of a slight decline to -2.1% (from -2.2% in the previous reading). The EUR/USD was trading higher at $1.1238, a gain of 0.2364%; the pair has ranged from $1.12134 to $1.12395 in today's session. 

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.