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Forex – Sterling slides before May outlines Brexit plan B

Forex – Sterling slides before May outlines Brexit plan B, 

FxPremiere.com – The pound slid on Monday as British Prime Minister Theresa May prepared to outline her Plan B for Brexit, designed to break the deadlock in parliament by setting out proposals that are expected to focus on winning more concessions from the European Union.

GBP/USD was down 0.2% to 1.2831 by 05:00 AM ET (10:00 AM GMT), while EUR/GBP was up 0.43% to 0.8858.

Sterling had climbed to a two-month peak of 1.3002 on Thursday on growing confidence that Britain can avoid a no-deal Brexit, but faced profit-taking on Friday.

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Forex - Sterling slides before May outlines Brexit plan B

May will make a statement in parliament at about 15:32 GMT and put forward a motion on her proposed next steps, after her Brexit divorce deal was voted down by 432 lawmakers in the 650-seat parliament last week.

With just over two months left until the Brexit deadline on March 29th there is no agreement in the British parliament on how it should leave the world’s biggest trading era.

Different factions of lawmakers support a wide range of options including leaving without a deal and seeking a permanent customs union with the EU. Buying sterling is not advisable because of Brexit uncertainty, UBS Wealth Management said on Monday, adding that hedging pound exposure over the next three months is one way to avoid market volatility. Why not try the Best Free Forex Signals

While the agreement over a deal could lift the pound to as much as $1.40, “in the case of a cliff-edge Brexit, a lower limit should be around $1.15 given sterling’s already cheap valuation,” UBS analysts said in a note.

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