This is why Pound Sterling Falls Lower!

 The pound sterling fell lower during the opening of the European session after a recent report on Brexit trade deal negotiations was unpleasant.

Recently, Reuters reported that European Union (EU) leaders would meet in Brussels on Thursday and Friday to discuss Brexit and would label progress in talks with the UK as 'still not enough' to sign a new trade agreement.

The draft decision of the summit seen by Reuters states that 27 national leaders will tell their negotiators to step up efforts in negotiations with the UK to reach and implement the agreement.

In addition, EU leaders will also agree to increase preparations for economies that may be severely affected if agreements to prevent tariffs and quotas fail to be reached.

In addition, they will also tell Britain that it must fully implement the commitments in the previously signed Brexit withdrawal agreement.

The pound sterling failed to maintain its consolidation with a lower decline to 1.2888 against the US dollar.

The pound pair against the US dollar has recorded a decline of around 200 pips since European session trading on Tuesday due to uncertainty over Brexit which continues to plague the market.