GBP/USD falls back below 1.30 on conflicting Brexit reports

• The British Pound is feeling the pull of gravity on Telegraph report.
• The GBP/USD is back below 1.30, having hit a high of 1.3023 earlier today.

The British Pound is witnessing a solid two-way business in Asia.

The currency pair found bids in early Asian in response to a Sunday Times report stating that Prime Minister May has planned an all-UK customs deal with the EU, which would resolve the Irish border issue.

The optimism, however, was short-lived as May’s office dismissed that report as speculation. Further, the Telegraph reported that British Brexit Secretary Dominic Raab on Tuesday privately demanded the right to pull Britain out of a “backstop” arrangement for the Irish border after three months. That pitch may not be acceptable to the European Union.

These conflicting reports are complicating matters for the GBP traders. At press time, the currency pair is trading at 1.2990, having clocked a high and low of 1.3023 and 1.2986, respectively.

The psychological level of 1.30 has been put to test since Thursday, but a convincing close above that level has so far remained elusive.

GBP/USD Technical Levels