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UK Pound Dives on Brexit Fears

February 22, 2016 at 10:43 by Vladimir Vyun

Great Britain pound symbolThe Great Britain pound fell on Monday as the market was plagued by concerns that the United Kingdom may exit the European Union. Traders did not like the lack of clarity about whether Great Britain stays in the union or not as well as uncertainty about what an exit would mean for the economy of the country.

Britain’s Prime Minister David Cameron announced a Brexit referendum on June 23 after he reached a deal with other European leaders to secure a special status of the UK in the union. A major blow to those wanting to stay in the EU came from London’s mayor Boris Johnson who has joined the camp of those wanting to leave. The political turmoil makes the sterling not particularly attractive to market participants, making the currency extend the February’s decline.

GBP/USD fell 1.3 percent from 1.4269 to 1.4173 as of 10:40 GMT today. GBP/JPY traded at about 160.33 after opening at 160.59 and falling to 159.62 — the lowest level since November 2013.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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