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British Pound Falls on Negative Brexit News Ahead of Key Vote

March 25, 2019 at 15:31 by Simon Mugo

A fan of Great Britain 10-pound notesThe Sterling pound today fell from its daily highs against the US dollar after rumors emerged that the Irish DUP was still opposed to the British PM’s Brexit deal. The GBP/USD currency pair was buffeted by new headlines relating to Brexit throughout today’s session as its gains were largely limited by the uncertainty associated with the current Brexit situation.

The GBP/USD currency pair today rallied from a low of 1.3160 to a high of 1.3247 before the DUP rumors drove the pair lower.

The currency pair traded in a subdued manner during the Asian session driven by investor pessimism towards the Brexit process, which kept the pair mostly below the crucial 1.3200 level. The pair rallied higher after the London open as investors hope for positive Brexit developments towards the approval of Theresa May‘s Brexit plan. However, the pair’s upside was limited by weekend developments that indicated massive resistance to PM May’s plan, which could lead to a hard Brexit on April 12. Markets were also worried about reports that the House of Commons was planning to wrestle control of the Brexit process from PM May, despite the European Union’s firm stance.

The cable’s rally was further limited by news that President Donald Trump was cleared of the Russian collusion charges by Special Counsel Robert Mueller. The confirmation of a new round of US-China trade talks in April also boosted the US dollar.

The pair’s future performance is likely to be influenced by Brexit developments and tomorrow’s multiple US releases.

The GBP/USD currency pair was trading at 1.3221 as at 15:28 GMT having rallied from a low of 1.3160. The GBP/JPY currency pair was trading at 145.50 having risen from a low of 144.69

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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