The pound may revisit referendum era's price swing
Brexit optimism pushed cable over 1.1 percent in overnight trading. Today, the pound may face historic volatile session and the fact is that this volatility for the currency may continue in the next few days. This is because of the Brexit vote sequence set by the British prime minister, Theresa May.
Theresa May, U.K. prime minister, left, listens as Jean-Claude Juncker, president of the European Commission, speaks during a news conference in Strasbourg, France, on Monday, March 11, 2019. The pound surged as the British government said it had secured changes to its divorce deal from the European Union and planned to hold a vote in the U.K. parliament. Photographer: Alex Kraus/BloombergIt is likely that she may face another humiliating defeat in the parliament today.
The likelihood for today's move is between 5 to 10 percent due to the Brexit vote. The currency may slide as much as 4 percent, if the lawmakers do not back the deal in the parliament today. The drop could be even steeper if the odds of no deal Brexit become more prominent. This could push the currency lower against the dollar by over 10 percent.
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