Pound Pares Gain as Government Denies Article 50 Delay Date

11.01.2019 / 14:56

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The pound rallied to the highest since November on a report that Brexit could be delayed beyond the March deadline, before paring gains as the government ruled out an extension.

The currency climbed as much as 0.8 percent after the Evening Standard newspaper cited unidentified cabinet ministers as saying a delay to the March 29 Brexit deadline was looking increasingly likely. Sterling then slipped back as a spokeswoman for Prime Minister Theresa May said it wasn’t government policy to extend Article 50.

“There remains an overhang of pound shorts,” said Marinov. “The squeeze in the event of more positive developments could be brutal and propel the pound back to levels last seen in the first half of 2018.” said Credit Agricole SA’s head of Group-of-10 currency strategyValentin Marinov.

Trader Velizar Mitov

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Pound Pares Gain as Government Denies Article 50 Delay Date

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