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Pound Recovers Slightly, but Remains Weak Over Brexit Uncertainties

On Tuesday, GBP/USD recovered some of its recent losses and climbed closer to the 1.27 level. Driving this move was Trump’s promise for a “phenomenal” trade deal with Britain after Brexit.

The pound has risen past five-month lows and is now trading at around 1.2693 against the US dollar. Gains continue to be limited, however, over uncertainties surrounding Brexit. The likelihood of a disorderly Brexit, one possibly without a deal in hand from the EU, remain high in UK markets, causing trouble to the Sterling.

By the end of this week, Theresa May is set to step down as PM. However, there are worries about who will replace her and how her successor will negotiate Britain’s exit from the EU. Chances are high that May’s successor could be pro-Brexit enough to possibly leave the EU on October 31 even without a deal.

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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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