British pound rallies to multimonth high on hope of Brexit delay

February 26, 2019

Brexit was the name of the game in Tuesday currency trading, with reports of possible delays to the fast-approaching deadline and a second referendum driving the British pound to its highest level since October.

“There is one story in Europe today and that is Brexit,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.

The British pound GBPUSD, +0.6414% was the best-performing G-10 currency on Tuesday, boosted by reports that Prime Minister Theresa May will rule out a no-deal Brexit in response to a threatened revolt by 15 ministers. May’s cabinet is expected to discuss the extension of the March 29 Brexit deadline on Tuesday, with the premier expected to announce the conclusion in front of Parliament around 12.30 p.m. Eastern (7.30 p.m. London).

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