GBP/USD Still Trading Bullish on Brexit Deal Optimism, But Real Challenge Lies Ahead
The Pound continues to trade volatile against the US dollar early on Friday after soaring to a five-month high on the announcement of a Brexit deal. At the time of writing, GBP/USD is trading around 1.285 as the focus now shift on getting the deal passed through the UK Parliament.
Although UK PM Boris Johnson claims the latest Brexit deal as a victory, the real challenge now lies ahead in getting the backing of lawmakers in the UK for his latest proposal in time. And time is running short, with the current Brexit deadline less than two weeks away.
As soon as British and EU officials announced the Brexit deal, Northern Ireland’s DUP stated its refusal to accept it, putting forth Johnson’s first obstacle in getting the deal passed through the House of Commons. Meanwhile, the highest civil court in Scotland is contemplating a legal proposal to stop the passing of this latest ‘illegal’ Brexit deal. Scottish National Party’s Ian Blackford has called for rejecting this deal and requesting a three-month extension on the Brexit deadline for early elections instead.
To complicate matters further, British MPs have won a key vote to secure a second referendum on Brexit in the House of Commons on Saturday. Johnson maintains that MPs would either get to approve his deal or go in for a no-deal Brexit, but this latest vote will let pro-EU MPs call for a second referendum in case they call for any amendments in the latest proposal.
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