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Pound hurt by further Brexit deal uncertainty

By Lawrence Gash

No-deal still not off the cards, leaving traders braced for more volatility

Pound hurt by further Brexit deal uncertainty

The rise in the value of the pound (GBP) that took place last week has not continued, as hopes for a Brexit deal diminish.

The GBP/USD conversion peaked earlier at $1.2632, but sank throughout the afternoon to around $1.2564, down 0.65 per cent on the previous close. The GBP/EUR exchange followed a similar pattern, closing at €1.1394.

Sterling had skyrocketed last week after a surprise announcement that the European Union and the UK had resumed talks to find a suitable withdrawal agreement for Britain’s scheduled departure on October 31.

This announcement caught many, including the Westminster commentariat, off guard and led to the largest two-day rise in the value of sterling for several years.

Currency traders are currently bracing for more short-term sterling volatility as every day hopes are raised and slashed. The latest positioning data indicates historically significant extreme short positions, emphasising the fact that no-deal Brexit is not off the cards, even if delay seems likely. The bumpy ride continues.

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.
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