Pound Weakens as Boris Johnson Leads; No-Deal Brexit Worries Markets

GBP/USD traded close to a five-month low on Thursday after Boris Johnson won the most Conservative votes in the first round of the race..

Arslan Butt•Friday, June 14, 2019•1 min read

[[GBP/USD]] traded close to a five-month low on Thursday after Boris Johnson won the most Conservative votes in the first round of the race to replace Theresa May as the next PM. At the time of writing, this forex pair is trading at around 1.2673.

The next round falls on June 18 with more ballots across June 19 and 20 as well until two clear leaders emerge. Finally, a postal ballot across the Conservative Party membership will deliberate which of the two leading candidates will become the next Prime Minister.

The Pound has been trading bearish in recent times over increasing likelihood of a no-deal Brexit emerging in markets. However, there is also an increasing sentiment of a rate cut by the Fed being anticipated, which is causing weakness in the dollar and supporting the GBP from falling further.

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ABOUT THE AUTHOR See More

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.