GBP/USD Gains Over Opposition’s Plans to Prevent No-Deal Brexit

The Pound continues to strengthen against the dollar into Wednesday following the latest developments on Brexit during the G7 summit. At the time of writing, GBP/USD is trading at around 1.227 even as the dollar trades under pressure.

On Tuesday, opposition parties announced their intention to pass a law to stop Britain from leaving the EU without a deal in place on the October 31 deadline. Labour party leader Jeremy Corbyn met with other opposition parties to discuss possible ways to prevent a no-deal Brexit, and also considered passing a legislation in the Parliament to ensure that UK PM Boris Johnson seeks a delay until a deal is finalized.

Buoyed by these news reports, GBP/USD surged over 0.7% to cross the 1.23 level, but has traded lower since then. Worries of a disorderly, no-deal Brexit continue to weigh on British financial markets. Investors remain concerned that a hard Brexit could have severe long-term consequences on the economy as well as on trade and the currency.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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