GBP/USD: What goes up, must come down, Pound falls amid lingering Brexit worries

By Jeff Davies

The British pound traded with losses on Friday amid uncertainties surrounding the country’s departure from the European Union.

Following the defeat of Prime Minister Theresa May’s withdrawal agreement in the House of Commons, Labour Party leader Jeremy Corbyn stated he does not want to negotiate with May until she rules out a no-deal scenario. The prime minister noted that a no-deal Brexit cannot be ruled out at this point.

The pound lost 0.38% against the dollar, selling for 1.2939 at 09:05 am GMT. Meanwhile, the euro added 0.40% compared to the pound, to go for 0.8806 at the same time. Sterling fell 0.12% against the yen, to change hands for 141.706 at 09:06 am GMT.

Calls for second Brexit referendum increase in the UK

Members of several parties in the UK have banded together to push for a new Brexit referendum, now referred to as “The People’s Vote”. The main opposition party, Labour, has yet to join the call, but if it does, this could lead to the referendum, which is expected to overturn the original decision to leave the EU.

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