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Forex News: Pound Falls On Hard Brexit Fears

Pound Falls On Hard Brexit Fears

04/02/2019 - 08:55:00 (RTTNews)

(RTTNews) - The pound fell against its major counterparts in the European session on Tuesday, as investors weighed the possibility of a no-deal Brexit after U.K. Parliament turned down all the options to replace Prime Minister Theresa May's divorce deal.

On Monday, U.K. lawmakers rejected all the four Brexit proposals during indicative votes, raising the threat of no-deal departure.

With a hard Brexit becoming nearly inevitable, the PM will hold a cabinet meeting today to plan the government's next moves.

Speaking in Brussels, EU chief negotiator Michel Barnier warned that the bloc is now prepared for a no-deal withdrawal by the U.K.

"No deal was never my intended scenario, but the EU 27 is now prepared. It becomes day after day more likely."

Survey data from IHS Markit showed that U.K. construction sector continued to shrink in March, albeit at a slightly slower pace, driven by sustained weakness in commercial work and civil engineering.

The corresponding PMI rose to 49.7 from 49.5 in February, in line with economists' expectations.

The currency has been trading lower in the Asian session, amid Brexit stalemate after MPs voted down all four alternatives to the PM's withdrawal deal.

The pound dropped to 1.3013 against the greenback and 0.8608 against the euro, from its early highs of 1.3115 and 0.8556, respectively. The next possible support for the pound is seen around 1.27 against the greenback and 0.88 against the euro.

Reversing from its early highs of 1.3080 against the franc and 145.98 against the yen, the pound weakened to 1.3010 and 144.93, respectively. If the pound falls further, 1.29 and 142.00 are likely seen as its next support levels against the franc and the yen, respectively.

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