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👉 Windsor-style diplomacy: agreement, but little optimism⠀
🇬🇧🇪🇺 London and the EU have reached a new agreement on trade arrangements for Northern Ireland. Speculators worked out this information - the pound rose a little, although it is not worth counting on a reversal yet.
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Recall that the first version of the agreement provided Northern Ireland with access to the markets of Great Britain and the EU, and also established a customs border in the Irish Sea. Logically, all this turned out to be very difficult to implement.
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Now there is a chance that the problem with Brexit will still be closed. British Prime Minister Sunak and European Commission President Ursula von der Leyen said the talks had led to changes to the text of the Northern Ireland Protocol, part of the UK-EU «divorce» agreement governing trade with the region.
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In an interview, Sunak said the deal, tentatively titled «Windsor Frames» was a defining moment, while von der Leyen only called the deal «extraordinary.» The long-standing conflict between Britain and Northern Ireland is not yet over, but the current agreement will at least ensure uninterrupted trade throughout the United Kingdom.
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So far, this is one of the few political achievements of the new British leader, who is actively trying to reduce tensions with the EU. The deal could also pave the way for closer cooperation between the two sides on financial services, security, immigration and natural resource control.
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The information provided support to British assets, which were looking for a reason for a correction in a panic after a major sell-off. Buyers managed to stop the fall, but for a reversal, it is necessary to confidently pass the zone above 1.2150/80, after which it will be possible to set targets above the strong protection zone of 1.2200/50. If the bears manage to roll back, then a breakdown of the support at 1.1950/00 will push the GBP/USD to the zone of large options at 1.1750/00 and negative prospects up to 1.15.
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Profits to y’all!