Sterling Remains Vulnerable to Brexit Uncertainty

The Great Britain pound fell against the US dollar intraday but has recovered by now. The sterling was more soft against other currencies, driven down by the Brexit uncertainties.

Another round of negotiations between the United Kingdom and the European Union will happen this week. While the UK government showed signs of softer stance, it is likely that the discussion will be as tough as the previous ones. That sapped the sterling’s strength, though some analysts argued that the sell-off was overdone.

Looking ahead at economic data, there will be few major reports this week. The most important of them should be the manufacturing indicator. Experts predict the index to stay virtually unchanged from the previous reading of 55.1, continuing to show a strong performance of the sector.

GBP/USD was down from 1.2926 to 1.2873 intraday but bounced back to the opening level as of 21:47 GMT today. EUR/GBP rose from 0.9235 to 0.9260, trading near the highest level since the volatile session on October 7. GBP/JPY slid from 141.12 to 140.76, reaching the daily low of 140.42.

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