GBP Turns Slightly Optimistic Over Opposition’s Attempt to Prevent No-Deal Brexit - Forex News by FX Leaders

GBP Turns Slightly Optimistic Over Opposition’s Attempt to Prevent No-Deal Brexit

Posted Thursday, June 13, 2019 by
Arslan Butt • 1 min read

GBP/USD climbed to a three-week high on Wednesday over some encouraging news from the Opposition party about introducing parliamentary legislation to prevent a no-deal Brexit. Although, it has since slipped and is now trading at 1.2686 at the time of writing.

Over the past few days, ever since Theresa May’s resignation, there has been an increased likelihood of a no-deal Brexit. This has weighed heavily on the Pound. Even recent economic data releases have been unable to move the Sterling much. On Tuesday, GBP/USD rose slightly higher after wages registered faster than expected growth in the three months to April.

However, several candidates vying to replace May as the next PM have been campaigning aggressively to exit the EU with or without a deal on October 31. A no-deal Brexit can wreak havoc on the British economy in the long-term and most businesses still remain unprepared for such a scenario.

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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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