GBPUSD moves 1.7% after new Brexit deal being rejected

The British pound suffered a slide overnight, as investors feared political turmoil in the country could see UK Prime Minister Theresa May’s deal being rejected in parliament, and Britain leaving the EU on March 29 with no safety net.

The resignation of key ministers from her government, including that of Brexit minister Dominic Raab, endangered Theresa May’s Brexit plan leading the sterling vulnerable to further losses.

Today, the GBP/USD opened at 1.27643 after declining 1.7% on Thursday, its steepest percentage slide since Oct. 11, 2016.

May’s compromise plan is facing opposition from Brexiteers, pro-Europeans, the Northern Irish party, and some of her own ministers, raising the risks of her losing her job, of Britain leaving the bloc with no agreement or even another referendum.

Do you think the British pound will continue to fall against the greenback?

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