The Pound continues to come under heavy sell pressure and earlier fell to a 3-week trough on growing doubts that the Prime Minister will be able to get her EU counterparts to come on board with her Brexit terms. With the March 29th deadline looming, Theresa May's time to get the amendment she wants from the EU and then get the deal blessed by the British Parliament is dwindling. That has given rise to concerns that a no-deal Brexit is once again a strong likelihood, despite the wishes of a majority of Parliamentarians.
As reported at 11:27 am (GMT) in London, the GBP/USD was trading lower at $1.2852, down 0.03% and off the session trough of $1.2833; the high for the trading day was recorded at $1.2885. The EUR/GBP was higher at 0.8774 Pence, up 0.04%; the pair has ranged from a low of 0.87566 Pence to a high of 0.87845 Pence.
Brexit Worries Key to UK Economy
Though the latest data had shed some light on the slowdown in the UK economy, many analysts believe that the generalized weakness in global growth is only one part of the problems for the British economy. They say it is hard to quantify what impact nervous investors and businesses owners are having, as well, given the future uncertainty of the Brexit. Until the issue is settled, one way or another, analysts expect the Pound's volatility to continue.