GBP/USD: Pound rises on Brexit delay report

By Jeff Davies

The British pound traded higher on Friday against a range of world currencies following a report which claimed that the United Kingdom is increasingly likely to postpone the day it exits the European Union beyond the scheduled March 29 date.

As the reason for the possible extension of Article 50, the cabinet ministers mentioned in the report cited large backlog of bills that have to be approved before the UK leaves the EU, including the immigration bill.

The pound rose 0.38% against the dollar to trade for 1.2795 at 12:35 pm GMT.

Meanwhile, the euro fell 0.17% against the pound to sell for 0.9006 at the same time. The British currency increased 0.27% compared to the yen to change hands for 138.64 at 11:36 pm GMT.

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