Pound Opens Sharply Lower on Negative Brexit News

The Great Britain pound opened sharply lower today on negative Brexit news. Currently, the sterling is trying to crawl back to the Friday’s close.
The backstop of the Irish border remained an unresolved issue between the United Kingdom and the European Union. EU chief Brexit negotiator Michel Barnier twitted yesterday:

We met today @DominicRaab and UK negotiating team. Despite intense efforts, some key issues are still open, including the backstop for IE/NI to avoid a hard border. I will debrief the EU27 and @Europarl_EN on the #Brexit negotiations.

— Michel Barnier (@MichelBarnier) October 14, 2018

The UK Brexit ministry said that there are “unresolved issues relating to the backstop.” And issues will not be resolved soon as no negotiations on the matter are planned for this week.
GBP/USD traded at 1.3150 as of 10:35 GMT today after closing at 1.3227 on Friday and opening at 1.3153 today. EUR/GBP was little changed at 0.8815 after closing at 0.8789 during the previous trading session.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *