GBP Weakens as Brexit Discussions Fail to Make Progress - Forex News by FX Leaders

GBP Weakens as Brexit Discussions Fail to Make Progress

Posted Friday, May 10, 2019 by
Arslan Butt • 1 min read

GBP touches a one-month low over the lack of progress in Brexit discussions between the ruling and opposition parties in the UK government. GBP/JPY has fallen from its highs over 143 and is now trading at around 142.74.

This move could also be attributed to escalating trade tensions between US and China which drove demand for safe haven assets like the Japanese Yen. GBP/USD also continues to trade slightly lower at around 1.3011 at the time of writing.

On Tuesday, the UK government confirmed that it would participate in the upcoming European Parliament elections. This announcement has further dashed hopes for the markets that were hoping for Brexit discussions to make headway.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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