UK Prime Minister Theresa May made a key speech about Brexit. She promised to bring the final Brexit deal to a vote in both houses of parliament, and this lifted the pound. However, the admission that Britain will leave the single market dampens the rises. Her wide-ranging speech had the words security, fairness and strength as keywords.
Despite talking about a desire for clarity, there is still lots of uncertainty.
GBP/USD began the speech at 1.2170, advanced to 1.2277 but cannot hold to the highs. Markets hope that parliament could limit the scope of Brexit. In addition, the pound had sharply fallen on the talk about leaving the single market and probably gained on the fact.
Analysis: GBP/USD jumps on May’s speech – 3 reasons and levels
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