GBP/BRL exchange rate should reach its support in no time

The recovery of the Brazilian real plus the ongoing Brexit deal concerns have pushed the pair lower today. Bears remain dominant as they seek redemption after the pair rallied to its highest levels. The British pound to Brazilian real exchange rate should reach its support in no time as the Brexit deal deadline is fast approaching. The pound sterling, just like other currencies that are matched up against the Brazilian real is doing fairly well in the forex market but terrible against the Latin American currency. The Brexit talks scheduled last week ended on an unfortunate stalemate, which is fueling the concerns of investors that the negotiation this month will fail as the European Council holds its summit later this month wherein the divorce should be discussed. Meanwhile, Brazil’s economic status is far from great. The country’s economy is heavily damaged by the pandemic and it is currently one of the countries with the greatest number of cases.