GBP is at its lowest level in two weeks due to Britain’s stalemate

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GBP held steady on Friday against a basket of world currencies to remain in a range of trading near a two-week low against USD, about to lose a weekly loss, the first in three weeks. The Irish border during the EU leaders’ summit, as well as the negative economic data released this week from Britain, which increased the negative pressure on the pound exchange rate.

GBPUSD is trading at $ 1.3030 from the opening price of $ 1.3016 and is currently trading at $ 1.3036 and a low of $ 1.3015.

GBP ended yesterday’s trading down 0.7% against the US dollar, its second consecutive daily loss and the biggest daily loss since September 21, hitting a two-week low of $ 1.3015 after the EU leaders’ summit failed to resolve the problems of a breakaway deal. Britain, after data showed a drop in expectations for British retail sales in September.


Over the course of the week, the pound has so far lost more than 0.9% against the US dollar, about to make its first weekly loss in the past three weeks, as renewed fears about a difficult UK secession from the EU.

The EU leaders’ summit failed to decide on Britain’s exit from the European Union after two days of continuous meetings in Brussels that British Prime Minister Teresa Mae said on Thursday that the EU proposal on the Irish border was unacceptable.

“The problems with the British government over the borders of Ireland could lead to the collapse of the commissioners of Britain’s secession from the European Union,” said Michel Barnier, chief EU commissioner for Brexit.

Over the course of this week, a number of economic data were released from Britain, which increased the negative pressure on the pound sterling, especially inflation data represented by consumer prices, which fell more than expected in September, as well as retail sales, which recorded last month the lowest since March Last March.

 

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