The pound rallied on Tuesday as investors welcomed news that British Prime Minis...
LONDON - The pound rallied on Tuesday as investors welcomed news that British Prime Minister Theresa May had secured legally binding assurances from the European Union ahead of a crucial parliamentary vote on her Brexit withdrawal deal.
Britain’s scheduled departure from the EU is March 29 and while fears of a no-deal Brexit have receded, investors still do not know how and when Britain will exit the trading bloc. “Having lost the first vote by a margin of 230, approval of the Withdrawal Deal would be a huge surprise tonight and could send GBP/USD to $1.35. Elevated levels of short term volatility suggest that is possible, though perhaps not likely,” ING analysts wrote to clients.
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