Pound Higher, but Gains Limited – 22 August 2019

Though higher against the greenback currently, currency analysts expect to see increasing volatility for the Pound Sterling as all avenues to a soft Brexit appear to close on the Prime Minister. FX markets are growing increasingly skeptical that Boris Johnson will be able to reopen negotiations. The French President has already ruled out further talks regarding the Brexit, despite the German Chancellor’s suggestion of a possible way forward through the Irish backstop impasse.

As at 10:52 am (GMT) in London, the GBP/USD was trading at $1.2134, up 0/033%; the pair earlier hit a session peak of $1.2156 while the low was recorded at $1.2109. The EUR/GBP was lower at 0.9131 Pence, down 0.07% and off the earlier trough of 0.91278 Pence.

Johnson Heading for Hard Brexit

Economists who are closely watching the events unfold in Britain say that the possibility of a hard Brexit are becoming more and more likely given the latest government tactics. They say that Johnson’s apparent efforts to challenge Ministers of Parliament who are attempting to stop a no-deal outcome, combined with attempts to undermine potential talks with officials of the EU and, indeed, interfere with its internal functions, are all making a crash inevitable.

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