GBPUSD continues to extend its retracement higher with the British Pound pushing higher as UK Parliament moves closer toward preventing no-deal Brexit.
The British Pound is clinging on to its recent rebound from multi-year lows following the latest Brexit development which puts MPs in control of Parliaments agenda and reduces no-deal Brexit risk.
The July UK inflation report (consumer price index) is due out on Wednesday, August 14 at 08:30 GMT, but the data will continue to be overshadowed by Brexit.
The GBP/USD is now exposed to March 2017 lows over rising concerns over a “no-deal” Brexit. Ahead, the anti-risk Japanese Yan may look past the Bank of Japan for more prominent risk.
Industry experts have warned that a no-deal Brexit would be damaging for both UK and EU industries and neither are prepared to counteract the disruption. GBPUSD eyeing 28-month lows.
As the new Prime Minister is set to be announced at 11.00 UK time GBP may continue to lose ground if Boris Johnson is confirmed to be the new PM.