GBP/USD Falls Below 1.22 After BoJo Decides to Prorogue Parliament
After weakening and falling below the 1.22 level, the Pound is trading steady against the US dollar on Friday. At the time of writing, GBP/USD is trading at around 1.217 following UK PM Boris Johnson’s decision to prorogue the Parliament before Brexit.
On Wednesday, Queen Elizabeth approved Johnson’s plan to suspend parliament for a month starting in mid-September. Even as lawmakers and critics accuse the UK government of taking an undemocratic step, the Pound turned bearish over increasing worries about a no-deal Brexit scenario.
After gaining some strength over the past few days as a result of optimism that opposition was trying to stop a hard Brexit, this latest move brings back a higher likelihood of Britain leaving the EU on October 31 without a deal in place. There may still be some hope for the UK as the government confirmed its plans to negotiate with the EU for a possible better deal in the coming weeks.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals