GBP/USD falls to a low of 1.3152 on the day

The pair now trades near the year’s low posted yesterday at 1.3151 as sterling remains pinned down along with the euro to start the session.

Brexit risk is next on the agenda for sterling, with the amendment to the “meaningful vote” on a final Brexit deal set for a vote at the House of Commons. May’s government is against such a change, as it would give parliament an opportunity to meddle in should the government fail to secure a Brexit deal with the EU when the time comes.

In such a case, that would make a softer Brexit it would seem as parliament members are not likely to side with May’s government to move forward with a no Brexit deal scenario. In essence, that should be sterling positive but the vote later is set to be a close one so we’ll have to wait and see.

And even if the vote does go against May’s government and hopes for a softer Brexit comes true, it makes for a very messy domestic political scene and May’s party will not be happy with that – and her position as leader will be once again questioned.

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