GBPEUR Sub 1.16
GBPUSD Sub 1.30
The pound gained on Friday Morning’s trading on some hope British Prime Minister Theresa May will pull off her last-gasp attempt to win backing from lawmakers for her Brexit deal, but the British currency was still on track for its biggest monthly drop in five months.
GBP rallied as much as 0.7 percent before trimming some gains as hopes May would pass her deal fell back, to stand 0.3 percent up on the day at 1.3074 against USD. It was up 0.1 percent against the euro at 1.1631.
This afternoon all gains have been lost and GBPEUR is now trading sub 1.16 and GBPUSD sub 1.30 not seen for a while.. Dangerous times for GBP lay ahead..
Britain was supposed to have left the European Union on Friday but Brussels let London delay its departure while May battles to try to secure a consensus on how and when to leave the bloc.
The rising uncertainty has battered sentiment towards the pound this month after some optimism that the United Kingdom would successfully avoid crashing out of the EU without a deal bolstered the British currency.
Parliament will vote on a stripped-down version of May’s twice-defeated divorce deal agreed with Brussels on Friday. Even if she wins, another vote will be required for Britain to legally exit the EU and the uncertainty is dismaying investors.
It’s another prolonged period of economic uncertainty, but one after which we could end up with a softer Brexit than that on offer, or none at all..