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Forex News: Pound Slides As May Cautions On New Brexit

Pound Slides As May Cautions On New Brexit Vote

03/18/2019 - 08:36:00 (RTTNews)

(RTTNews) - The pound fell against its major counterparts in the European session on Monday, after U.K. Prime Minister Theresa May cautioned that a planned Brexit vote due this week could be delayed, if she is unable to secure backing from lawmakers to get the deal approved through the House of Commons.

In a last-ditch effort to convince MPs, May wrote in The Sunday Telegraph that should her deal is approved by Parliament this week, she could seek to postpone Brexit until June 30 to the EU at a summit in Brussels on Thursday.

The withdrawal deal "is the only way through the current impasse."

A successful vote would help seek "a short technical extension to pass the necessary legislation," May said.

"The alternative if Parliament cannot agree the deal by that time is much worse."

If Parliament rejects the Brexit deal, Brexit would be delayed too long requiring the U.K. to participate in the European Parliament elections in May.

A defeat would contemplate "we will not leave the EU for many months, if ever," May wrote.

The currency has been trading lower against its major counterparts in the Asian session, with the exception of the yen.

The pound dropped to a 4-day low of 147.41 against the yen, following a 4-day high 148.39 hit at 10:45 pm ET. The pound is seen finding support around the 145.00 level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production in January declined less than estimated earlier.

Industrial production fell a seasonally adjusted 3.4 percent month-on-month in January, following a 3.7 percent decline estimated earlier.

Having advanced to a 4-day high 0.8510 against the euro at 7:00 pm ET, the pound reversed direction and weakened to a 5-day low of 0.8580. The next key support for the pound is seen around the 0.88 level.

The pound edged down to 1.3234 against the franc, after rising to 1.3332 at 7:30 pm ET. The pound is poised to find support around the 1.31 area.

The U.K. currency reversed from an early session's high of 1.3300 against the greenback, falling to 1.3228. On the downside, 1.31 is likely seen as the next support for the pound.

Looking ahead,the U.S. NAHB housing market index for March is scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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