Sponsored by FXopen UK
Sentiment for the Pound Sterling continues to improve on the latest Brexit-related noise with hopes for a no-deal Brexit likely to be ruled out formally. According to the latest media reports, the Prime Minister is prepared to agree to extend the Brexit deadline from March 29th, leaving traders and analysts heaving a collective sigh of relief that Britain won't be crashing out of the EU without some sort of trade agreement in place. Most analysts agree that, at this time, a postponement of the deadline is the best possible outcome.
As reported at 11:14 am (GMT) in London, the GBP/USD was trading higher at $1.3197, up 0.5961% and off the session peak of $1.3238 while the low for the trading day was recorded at $1.3096. The EUR/GBP was trading lower at 0.8611 Pence, down 0.536%; the pair has ranged from 0.85883 Pence to 0.86727 Pence during today's trading session.
Parliament Vote Eyed
Theresa May has been fighting a losing battle on all sides; the European Union has not agreed to the trade concessions she is seeking with the UK Parliament similarly unhappy with her proposals. Markets have already priced in the likelihood of a Brexit delay, but whether or not the rally is extended beyond the short-term seems a more unlikely prospect. Tomorrow, Parliament votes on specific Brexit amendments which would give them greater control over the process.