GBP/USD Slips After Crossing 1.25 Level Briefly, No-Deal Brexit Risk Weighs
After rising above the 1.25 level, the Pound is trading slightly lower but steady against the US dollar into Thursday.The Pound had been ..
After rising above the 1.25 level, the Pound is trading slightly lower but steady against the US dollar into Thursday. At the time of writing, GBP/USD is trading at around 1.246.
Britain’s CPI for August came in less than expected at 1.7%, down from 1.9% expected and in July. This caused a sell-off in the Pound but it recovered shortly thereafter to cross the 1.25 level briefly.
GBP/USD touched a six-week high of 1.2528 over rising hopes that UK PM Boris Johnson could try to get a new Brexit deal approved by the EU before the October 31 deadline. The Pound had been rising over the past few weeks over a reduced likelihood of a no-deal Brexit scenario.
However, the Cable slipped lower after the EU cautioned that the risk of a no-deal Brexit still remains, until Britain comes up with a realistic alternative to the Irish backstop issue. While addressing EU lawmakers, European Commission President Juncker stated, “There is very little time left … The risk of a no-deal is very real”.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals