With the recent announcement of a hard Brexit deadline, investors in the currency have become increasingly worried at the thought of a no-deal Brexit.
The uncertainty has been a catalyst for the losses against two of GBP’s major rivals in the trading market.
Sterling got off to a good start last week as the UK government confirmed its Brexit Withdrawal Bill that was presented to the House of Commons last Friday. The bill was easily passed through parliament which boosted the optimism surrounding the Brexit situation. However, optimism turned to pessimism as the door was swung back open for a potential no-deal Brexit as the hard deadline of December 2020 was set.
Investors are worrying that the illegality of any further extension in Brexit negotiations may set GBP on course for a no-deal Brexit, which could leave the UK economy in a mess.
The euro and US dollar both gained on the pound as uncertainty got the better of the UK once more. The pound slumped in a three-week low against the ‘Greenback’ at the start of the week with GBP exchange rates remaining on the defensive over the Christmas period.
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