A meeting set to take place today, between European ambassadors, is expected to confirm a Brexit extension. This helped to boost the GBP/USD, which opened the Monday session with a 0.20% improvement, as it trades at 1.2848. It is predicted that the EU will offer a 3-month extension – pushing the Brexit deadline to January 31st, 2020.

The Cable now holds close to the 23.6% Fibonacci retracement and traders will be hoping for 38.2% level. The pair has been unable to exceed the 1.2875/80 resistance. 

The EUR/USD has undergone the longest winning streak since January 2018, as it rallied for 3 weeks. Despite being aided by trade optimism in Europe, the pair could cap gains due to doubts revolving Brexit as well as the Fed meeting. The EUR/USD opened at 1.108 on Monday. The streak ended last week as it fell by 0.81%. Trade war talks are said to be going well and progressing. The U.S. Federal Reserve will announce its rate decision on October 30th. 

The USD/JPY continues to confront 200-day EMA on Monday, as it remains to go over the 50% Fibonacci retracement of April-August downpour. Last week’s news about the BOJ’s future monetary policy led to a decline for the yen. The Japanese central bank is expected to be meeting this week to discuss the forecast for economic growth and inflation for 2019.