Pound Gains Against the US Dollar Over Hopes of Avoiding No-Deal Brexit

Early on Thursday, the Pound is trading at a one-week high against the US dollar over hopes that a no-deal Brexit can be averted

GBP/USD

Early on Thursday, the Pound is trading at a one-week high against the US dollar over hopes that a no-deal Brexit can be averted. At the time of writing, GBP/USD is trading at around 1.224.

During the previous day, the UK Parliament voted to stop Johnson’s plans for a hard Brexit. However, Johnson’s calls for a snap election on October 15 was rejected by the Parliament. Even though this vote reduces the risk of a no-deal Brexit, uncertainties surrounding Britain’s exit from the EU still remain.

The most possible scenario looks to be a delay in Brexit until the political storm settles. The opposition Labour party is also just as keen on general elections as Johnson is, however, they insist on passing a law preventing a no-deal Brexit before this to prevent any future PM’s attempts to take Britain out of the EU without a deal in place.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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