The Pound remains under significant sell pressure, especially given the latest geopolitical news out of London. On Monday, the Prime Minister acknowledged that support for her Brexit plan is still short of ensuring a favorable vote, even as lawmakers attempt to seize more control of the process from her. Though the vote was initially slated for later today, Theresa May has decided not to move forward with a third vote. Currency strategists are growing more concerned that the UK could crash out of the EU when the deadline passes, given there seems to be no compromise between the Prime Minister and Jeremy Corbyn, head of the Labour Party.
As reported at 10:08 am (JST) in Tokyo, the GBP/USD was trading at $1.3203, a gain of 0.1069%; the pair is well off the session peak of $1.3224, while the low stands at $1.3190. The EUR/GBP is trading at 0.8573 Pence, down 0.0385%; the pair has ranged from 0.85601 Pence to 0.85790 Pence in this trading session.
EU Postponement Approval in Jeopardy
Though the European Union has said that they would permit a short delay in the Brexit, the condition to that term is that the Prime Minister gets her plan approved by Parliament. With that looking less likely as the deadline nears, analysts worry about the lack of consensus among Parliamentarians for any sort of deal which could get approved.