The market is currently focusing on UK Prime Minister Boris Johnson who is likely to announce a resumption of trade talks with the European Union (EU) today.
This is a series of statements by the Secretary of State for Foreign Affairs, Dominic Raab stating that there is an opportunity for a Brexit trade agreement and they are getting closer to getting it.
Britain's readiness to continue talks will give some hope for an agreement to be made even though the two sides are still far apart in some important issues.
However, investors need to be vigilant and always ready to face any eventuality that may occur in the market today as any developments in these negotiations will continue to affect pound sterling trading.
The pound traded again on the upside during the opening of the European session after experiencing a sharp decline in the previous session due to the EU's willingness to abandon negotiations after the deadline set by PM Johnson ended yesterday.
The pound has previously been weakened by the announcement of stricter sanctions in London to curb the growing concern of Covid-19 in Britain.
Meanwhile, the dollar index began to show a decline in the European session against most other major currencies.
