British pound edges higher despite Bailey’s remarks

The British Pound rose against the US dollar on Thursday, despite Bank of England President Andrew Bailey's pessimistic remarks.

Bailey said "it's reasonable to think the fast pattern of the recovery over the summer is not going to continue in the same way," according to Reuters.

Bailey also said that the Brexit talks should result in a trade deal between the UK and the EU, as such an agreement is in the interest of both sides.

This came as post-Brexit negotiations between London and Brussels appear to appear to hit a brick wall, amid fears of a no-deal Brexit scenario.

Bailey stated that he strongly welcomes the new job plan announced by the UK's Finance Minister Rishi Sunak to support the labor market and jobs in the UK.

As of 20:35 GMT, GBP/USD rose 0.2% to 1.2748, after hitting a day high of 1.2778 and a low of 1.2691.