Brexit Worries Continue to Hammer Pound

The Great Britain pound sank against the US dollar and fell versus some other currencies, including the Swiss franc, today amid concerns that pro-Brexit candidate Boris Johnson is moving closer to becoming a new prime minister.
There are also worries that, regardless of who wins leadership, Britain’s new leader simply will not have enough time to renegotiate the trade deal with the European Union before the October 31 deadline, when Britain should leave the EU. That is besides the fact that EU leaders said that the deal is non-renegotiable. Chances for a “no-deal” Brexit look extremely high, and that does not bode well for Britain’s economy.
GBP/USD plunged from 1.2673 to 1.2593 as of 17:51 GMT today. GBP/CHF edged down from 1.2592 to 1.2576.

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