GBP falls from highest level in seven weeks against USD

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GBP fell on Monday against a basket of world currencies to ease from a seven-week high against USD, with a marked correction and profit taking, and investors reluctant to build new buying centers ahead of a vote on Tuesday by the British parliament Britain for the European Union.

GBPUSD fell by more than 0.2% at 08:15 GMT, trading at $ 1.2825, the opening price of $ 1.2852, and the highest at $ 1.2863 and the lowest at $ 1.2818.

GBP gained 0.75% against the dollar on Friday, the second gain in the last three days, hitting a seven-week high of $ 1.2865, after data showed the RBA’s growth unexpectedly exceeded in November.

GBP falls from highest level in seven weeks against USD

Over the past week, sterling has gained 0.9% against USD, its fourth weekly gain in a row, among the longest weekly gain since December 2017.

Investors are expected to vote on Tuesday for a final agreement on the country’s separation from the European Union, and parliament’s approval is needed until the deal becomes final.

Voting and figures in parliament are not in the interest of British Prime Minister Teresa Mae, and the chances of passing the deal now seem very slim.

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