Pound Crashes to New 3-Week Lows as Boris Pushes for Hard Brexit

The Sterling pound today crashed to new 3-week lows against the US dollar amid fears that Boris Johnson was pushing for a hard Brexit. The GBP/USD currency pair today fell from the early London session as investors sold the pair following Friday’s passage of  the  Brexit Withdrawal Bill.
The  GBP/USD currency pair today fell from a  daily high of  1.3031 in  the  early London session to  a  low of  1.2905 in  the  early American session and  was near these lows at  the  time of  writing.
The  currency pair was stuck trading in  a  tight range during the  Asian session before heading lower at  the  start of  the  London session. The  pair fell amid concerns that the  UK would crash out of  the  European Union without a  deal next year. The  recently passed Brexit bill limited the  time available for  trade talks between the  EU and  UK to  December 2020. The  EU’s top Brexit negotiator Michel Barnier clarified that the  EU would put its interests first in  the  coming negotiations. Most analysts have criticised the  hard deadline on  trade talks, but Boris Johnson maintains that his government will not delay Brexit any longer.
The  currency pair could not be saved by  the  weak US durable goods orders report released by  the  Census Bureau in the early American session. The cable’s price continues to be driven almost exclusively by Brexit headlines.
The  cable’s future performance is likely to  be influenced by  geopolitical events given the  upcoming Christmas holiday.
The  GBP/USD currency pair was trading at  1.2925 as  at  18:34 GMT having fallen from a  high of  1.3031. The  GBP/JPY currency pair was trading at  141.37 having dropped from a  high of  142.50.

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