Breaking: GBP/USD leaps above 1.2800 on reports that Brexit will be delayed

Yohay Elam FXStreet

The Evening Standard reports that UK Cabinet Ministers are mulling the option of delaying Brexit beyond the official date of March 29th, 2019. The paper reports that as the government needs to pass at least six essential bills, the ministers are convinced that the timetable should be extended. Austrian Chancellor Sebastian Kurz added that without any progress on Brexit, a delay is the "only option,"

GBP/USD is jumping and hit a high of 1.2850. The Pound is rising against other currencies, and EUR/USD is also ticking higher.

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GBP USD jumping Brexit delay January 11 2019

The British government suffered two defeats in Parliament earlier in the week and is on course to lose the all-important vote on the Brexit deal on January 15th. The opposition Labour Party wants Brits to go to the polls in case the vote results in failure.

Members of Parliament were due to cast their votes in December but PM Theresa May decided to postpone the event due to a lack of support. She tried to renegotiate the Irish backstop with her European counterparts but these did not offer any legally-binding concessions.

More: Brexit: Growing chance of Article 50 delay, Long opportunity on GBP/USD?

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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