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Pound Retreats On Doubts Over Brexit Deal Approval In Parliament

The pound eased off from its early highs against its major counterparts in the European session on Thursday, after Northern Irish party continued to object the Brexit deal, complicating the chances of getting it passed by Parliament.

The support of the DUP is needed for approving the accord in Parliament.

“These proposals are not, in our view, beneficial to the economic well-being of Northern Ireland and they undermine the integrity of the Union,”
the DUP said in a statement.

The pound retreated to 1.2757 against the greenback, from a 5-month peak of 1.2989 hit at 5:35 am ET.

Reversing from early nearly 5-month highs of 1.2893 against the franc and 141.51 against the yen, the pound pulled back to 1.2622 and 138.66, respectively.

The pound fell to 0.8702 against the euro, off its early more than 5-month high of 0.8574.

The pound is likely to find support around 1.24 against the greenback, 1.24 against the franc, 134.00 against the yen and 0.88 against the euro.

The material has been provided by InstaForex Company – www.instaforex.com