Sterling heads to recover from 4-month low against USD

2019-05-20 12:16:52 GMT (
Sterling heads to recover from 4-month low against USD

The British Pound rose in the European market against a basket of global currencies on Monday, heading towards its first gain in seven days against the US dollar, in attempts to recover from a four-month low recorded on Friday, those attempts are being restrained by the concerns over the possibility of an anarchist exit by the United Kingdom from the European Union (Brexit).


As of 07:59 GMT, GBP/USD by more than 0.2% to trade at $1.2755, from the opening of $1.2728, with a high of $1.2757 and a low of $1.2724.


On Friday, the pound lost 0.60% against the dollar, in its sixth consecutive daily loss and the longest losing streak since August, recording a 4-month low at $1.2714.


Over the course of the week, the pound fell 2.2% against the dollar, in its second weekly loss in a row, and the the highest weekly loss since October, 2017.


The large weekly loss was accompanied by a strong rally of the US dollar against most major and minor currencies, in conjunction with the rising concerns about Brexit.


The pressure on the British Prime Minister, Theresa May, has increased recently, with calls for May's resignation and an early public elections, especially after her failure to reach a final agreement with the opposition Labor Party on drafting an agreement on the country's separation from the European Union.


As the UK politicians want no more time to be wasted before the European Union's deadline expires on October 31st, the new official date for leaving the EU.


May is preparing to put the Brexit agreement for a vote in the British Parliament early next month, for the fourth time this year, which have been rejected three times earlier.


The hardline stance of the British parliament prompted the European Union to postpone the UK's departure from March 29th to October 31st, in order to give the British prime minister more time to arrange internal conditions on the Brexit deal and to get the parliament approval.

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