GBP/USD Slips Below 1.30 Over Worries of No-Deal Brexit - Forex News by FX Leaders
GBP/USD Slips Below 1.30 Over Worries of No-Deal Brexit

GBP/USD Slips Below 1.30 Over Worries of No-Deal Brexit

Posted Tuesday, December 24, 2019 by
Arslan Butt • 1 min read

The Pound is trading bearish against the US dollar after sliding below the key 1.30 level to a three-week low over rising concerns about the British government’s hard deadline for the end of the transition period. At the time of writing, GBP/USD is trading around 1.294.

Last Friday, PM Boris Johnson passed the Brexit Bill through the parliament successfully ensuring that Britain finally exits the European Union on January 31, 2020. However, he has also enforced that trade negotiations with the EU must conclude by the end of the present deadline for the transition period December 31, 2020.

This has markets worried about the possibility of a no-deal Brexit in case this short a timeline proves inadequate for Britain and the EU to successfully negotiate a free trade agreement. Meanwhile, GBP/USD has also turned bearish over the recent strengthening in the US dollar over rising optimism of the US-China phase one deal and positive economic data releases from the US.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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