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Pound Starts Week on Soft Footing

January 28, 2019 at 10:02 by Vladimir Vyun

£10The Great Britain pound was among the weakest currencies on the Forex market at the start of the trading week as traders were consolidating positions ahead of the crucial Brexit vote.

After British lawmakers rejected the Brexit deal proposed by UK Prime Minister Theresa May and approved by the European Union, the threat of the no-deal Brexit became very serious. Tomorrow, the government and the parliament will yet again attempt to reach a compromise and avoid the hard Brexit. Meanwhile, the Sun reported that May told Cabinet privately she will rule out the no-deal outcome, though she is not yet ready to announce that publicly as it can affect her negotiations with Brussels.

GBP/USD declined from 1.3183 to 1.3156 as of 9:50 GMT today after reaching the daily high of 1.3211 earlier. GBP/JPY fell from 144.39 to 143.89.

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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