GBPUSD fundamentally is driven by the Brexit news.
Ahead of the European session start, the DXY started to consolidate its recent upsurge and allowed the pair to retrace a portion of its losses. The index was last seen at 93.25, up 0.26% on the day.
In the meantime, speaking on the sidelines at the EU summit, European Commission President Jean-Claude Juncker said that he was assuming that they wouldn’t end up with a no-deal on Brexit. Later in the day, EU leaders will be discussing Article 50, which will be followed by a joint press conference by the President of the European Council and the President of the European Commission at 12 GMT. An optimistic tone over the Brexit discussions could allow the GBP to gather strength against its peers.
GBPUSD Technical Analysis: