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GBP/USD tests 1.34 after UK reaches trade deal with India
Some analysts are touting the recently announced UK trade deal with India as a Free Trade deal. Well, it is not because some UK good are still subject to sizeable duties, namely Scotch Whiskey and Gin. Granted those have been halved but remain high, at 75%. UK autos will be subject to a 10% tariff. Nevertheless, this is good news for the UK economy and the news helped to lift the Pound to test the 1.34 handle. It remains a bit sticky up there for the time being and it looks like we have to see how the dollar fares this afternoon, to see if the GBP/USD can extend on that move. The high seen was set at 1.3402 and it is currently trading at 1.3384
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