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Brexit Talks Set to Close With No Deal – GBP/USD Plunges

It’s been six weeks now that the Brexit talks between the Conservatives and Labour have failed to reach a consensus, hiking sentiments that the negotiations may end without an agreement. Theresa May and Jeremy Corbyn will soon migrate to a second phase, aimed at recognizing a process of parliamentary votes intended to obtain consent.

The UK was expected to depart from the EU in March, but the deadline was pushed back to October 31 after MPs refused Mrs. May’s proposed agreement – the Brexit deal settled with the EU – three times.

That provoked efforts to find a way to end the deadlock through cross-party discussions between Labour and the Conservatives. However, both parties haven’t agreed yet, which is adding extra pressure on the Sterling. Consequently, the GBP/USD has dropped below 1.28 support as investors eye 1.2770 target ahead.

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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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