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GBP/USD Targets 1.26 Level Fueled by EU Flextension Offer

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The GBP/USD pair is testing the 1.26 mark, +0.45% on the day as of this writing. Cable is pushing higher amid renewed optimism for a possible Brexit deal following an rebuffed offer by EU’s chief negotiator Michel Barnier for a “flextension”. This comes in the face of both sides in the EU/UK negotiations ratcheting up the rhetoric over the last weeks.

Coronavirus restrictions have severely impacted the talks, which so far have mostly taken place via video conference. However with the restrictions easing new talks are now taking place in person. Albeit with social distancing measures still in place.

Prime Minister Boris Johnson has insisted he wants to secure a free trade agreement deal by the end of the summer at the very latest.

Barnier revealed he had offered Downing Street a “flextension” or “precautionary extension” of the transition period. However, this was rejected by Johnson who has signalled that the UK is prepared for a no-deal Brexit.

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