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GBP: Trading in a narrow range - BBH

Sterling is in narrow ranges in the upper end of yesterday's ranges while the UK government borrowing in October was a little more than expected, but this was offset by the downward revision to the September amount, explains the research team at BBH.  

Key Quotes

“The market is looking toward tomorrow's autumn budget announcement by Hammond and tracking the latest developments over Brexit.  Reports suggest the UK Cabinet supported Prime Minister May doubling its initial financial offer.  Other reports suggest she will accept that after Brexit, EU citizens in the UK will be protected by the European Court of Justice.”  

“There were no reports of fresh proposals about the Irish border.  There is some thought that if the UK offers progress on the EU citizen's rights and its financial obligation, the Irish border issue could be kicked down to be addressed within a new trade agreement.  That seems to be a gamble, and such gambles based on looking for room to "divide and conquer" have not been particularly successful in the Brexit negotiations.  Initial support is pegged near $1.3220, and nearby resistance is near $1.3270.” 

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