GBP/USD Climbs Higher Even as Political Drama Around Elections Continues in Britain
A day after the EU granted Britain another delay on Brexit the Pound has made some gains against the US dollar as markets wait once again for the government to finalize its departure from the Union. At the time of writing, GBP/USD is trading at around 1.285.
On Monday, UK PM Boris Johnson lost a bid to call for general elections on December 12 after failing to get a two-thirds majority from MPs in the Parliament. However, political parties SNP and Liberal Democrat are exploring a new legislation that could bring about elections in December. This bill, due to be tabled in the Parliament later today, requires only a simple majority to be passed and could bring about early elections before Brexit.
Meanwhile, Johnson has paused his plans to get his Brexit bill passed through the Parliament as he focuses on calling for early elections instead. Johnson and the government believe that the only way to push ahead with Brexit is to finish elections instead of bringing the withdrawal agreement bill back into the Parliament.
Political uncertainty appears to be at an all-time high even as global financial markets wait for developments on the Brexit bill. If Johnson secures a majority in the next elections, he believes it would help him in getting the Brexit bill passed through the Parliament in a more hassle-free manner.
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