Sterling heads to gain a rough week, full of intense Brexit votes

2019-03-15 10:50:54 GMT (
Sterling heads to gain a rough week, full of intense Brexit votes

The pound fell slightly in the European market on Friday against a basket of global currencies, continuing for the second day in a row from the highest level in eight months against the US dollar, as the correction and profit taking continues, but is about to achieve a weekly gain which is its third in a month, Several intensive voting within the British parliament on the "Brexit " ended yesterday with the approval of the postponement of the deadline for UK's exit from the European Union beyond the twenty-ninth of March.


As of 07:15 GMT, the pound was down 0.1% , trading at $1.3245, with the opening at $1.3266 while the highest at $1.3266 and the lowest at $1.3231.


The pound ended yesterday's trading down 0.4% against the dollar on correction and profit taking after reaching the highest level in eight months at $1.3381.


However, over the course of the week, the British pound has soared 1.8% against the US dollar, with the dollar making its third weekly gain in a month, while the week saw very important developments on the UK crisis.


The week saw several votes within the British parliament over three days that began on Tuesday and ended on Thursday. There is a final vote in parliament next week over Prime Minister Theresa May's agreement plan the Brexit, which was rejected for the second time this week .


Voting began on Tuesday as parliament passed the second heavy defeat for the Prime Minister Theresa May's agreement with the European Union, deepening the political crisis in the country without any concrete signs on how to get out of the current chaos.


On Wednesday, parliament voted 312 to 308 in favor of an amendment put forward by a group of british lawmakers that obliges the British government to exclude EU exit without an agreement.


On Thursday, parliament approved a proposal to extend the deadline for leaving the EU beyond March 29.


while, the british government, led by Theresa May, has put forward a proposal to postpone the Brexit until June 30 if parliament approves its agreement with the European Union before March 20 or it will be delayed further.


This means there is a strong possibility that Theresa May will put her Brexit agreement for a third vote next week after it was rejected for the first time in January and for the second time this week.


If the parliament did reject it again, the date of leaving the EU may be delayed for a longer period, but even if it got the parliament approval, another more difficult approval is required from the rest of the EU member states on that delay.

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