United Kingdom ’s currency prolonged a string of losses on Thursday as it falls to two-week lows due to a dead-end situation revolving around Brexit.
The EU Brexit negotiator, Michel Barnier, claims that UK is yet to provide all the necessary documents for an agreement on exiting EU on 31stOctober. UK Prime Minister Boris Johnson despite a major loss at the UK Supreme Court still stands firm and is convinced that United Kingdom will leave EU at the end of the October.
Markets reaction was inevitable as tension in UK parliament thickens. Sterling lost almost all its gains and experienced biggest lost against the dollar in 14 days. Sterling fell to current value of Thursday low $1,2343 which is below Wednesday close. British Pound is also much closer to 52 week low $1,196 than to 52 week high $1,3378.
