GBPUSD is currently trading around 1.31100.
It has the potential to rise all the way up, following the current EU summit taking place right now.
If the UK is granted an extension, this will rule the chance of No Deal out, which will allow the £ to strengthen.
Hopefully if it is a short one, it would be better as it would allow the UK to leave as early as possible to get rid of the issues regarding the European elections.
Taking a look at this pair from a technical perspective, it should look to rise if the pair does break out from the structure drawn.
I believe this pair could easily skyrocket towards 1.32000 and beyond if the extension is granted, as it gets rid of business and economic uncertainty for the UK.
I think it would still be a good idea to keep a tight stop loss on this pair as we don't know where the news regarding this could go.
Fingers crossed there is an extension!
Good luck trading.
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Donald Tusk has been claiming he will try to bring about an agreement for a flexible delay, and this should look to favour the UK with regards to Brexit.