GBP/USD ANALYSIS OVER THE PAST TWO DAYS: BREXIT NEWS
The financial world gyrated around the Pound this Tuesday, with the GBP/USD pair soaring to 1.3289 at the beginning of the day after UK PM May said that she secured legally binding changes to the Brexit deal with EU’s Juncker in a late meeting Monday. The pair collapsed later to 1.3004, as the UK’s Attorney General Cox said that the legal risk remains unchanged that the UK will have no lawful means of leaving the Irish Backstop arrangement. Also, the European Research Group’s lawyers have rejected May’s latest Brexit proposals. The main concern of lawmakers is to remain trapped in the backstop forever, unable to leave the customs union once the transition period ends in 2020.