GBP/USD Trades Volatile on Brexit Rumors

Brexit uncertainties have made the Pound extremely volatile to trade lately, but for now it is trading weaker against the US dollar after..

GBP/USD on Brexit rumors

Brexit uncertainties have made the Pound extremely volatile to trade lately, but for now it is trading weaker against the US dollar after shooting up briefly on hopes for a resolution on the Irish backstop issue. At the time of writing, GBP/USD is trading around 1.222.

On Wednesday, GBP/USD climbed over 0.5% higher on a news report stating that the EU was ready to offer Northern Ireland an option to leave a new backstop after some years. However, DUP announced its opposition to such a proposal and the EU later denied such an arrangement, which made the Cable give up its gains again.

PM Boris Johnson is expected to meet Irish PM Leo Varadkar to discuss more Brexit proposals to be shared with the EU. EU leaders, meanwhile, allege that Johnson is putting forth untested ideas and limiting progress on a Brexit deal from his end. Johson’s supporters in the UK cheer his tough stance on Brexit issues, but the EU is unimpressed and unaffected by his threats to take Britain out without a deal.

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers