GBP/USD Stuck in a Range, Fears of No-Deal Brexit Still Around
The Pound continues to trade range-bound against the US dollar as preparations are on in full awing for the upcoming general elections in Britain and Brexit takes a backseat. At the time of writing, GBP/USD is trading at around 1.287.
Notwithstanding all the political uncertainty, outgoing European Commission president Jean-Claude Juncker maintains his belief that Britain will depart from the EU on January 31, 2020 – the latest Brexit deadline. Juncker shared these comments in an interview with BBC, and added that a free trade deal between the EU and the UK could be finalized within a year post-Brexit. His sentiments were also echoed by Cabinet Office minister, Michael Gove.
Meanwhile, although the Pound has strengthened recently on the receding possibility of a no-deal Brexit, this is a risk that has not faded away entirely just yet. PM Boris Johnson has abandoned his threats of a no-deal Brexit in his latest election campaign pitches, choosing instead to focus solely on the Brexit deal he reached with the EU. However, some officials in the EU and Britain are not ready to dismiss the possibility of Britain leaving without a deal, on account of the prolonged impasse on the issue.
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