GBP/USD Turns Bearish Over Uncertainty on Brexit Extension, General Elections

The Pound is trading weaker against the US dollar, declining as uncertainties around Brexit fail to fade and continue growing instead.

Arslan Butt•Friday, October 25, 2019•1 min read

GBP/USD trading volatile over uncertainty on Brexit extension, general elections

The Pound is trading weaker against the US dollar, declining as uncertainties around Brexit fail to fade and continue growing instead. At the time of writing, GBP/USD is trading around 1.283.

The EU is due to hold a meeting later today when it could decide on the length of the next Brexit extension it is considering granting to Britain. The Pound is likely to trade volatile as the political turmoil in Britain keeps things uncertain on whether there will be another round of general elections before the new Brexit deadline.

For now, UK PM Boris Johnson has called for elections in mid-December and has conceded his inability to take Britain out of the EU by October 31, his key poll promise. However, the main opposition Labour Party has rejected Johnson’s calls for election. Opposition leader Jeremy Corbyn stated that he would decide on elections based on EU’s final decision on the Brexit extension.

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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.