May’s Brexit Speech Pushes Pound To Record Low Versus Dollar
The British pound tumbled on Monday versus its American counterpart after a report on the Sunday Times said that U.K. Prime Minister Theresa May might sacrifice the European’s single market for the ability to regain control of Britain’s borders and laws.
Sterling dropped to as low as $1.1986 – an all-time record low level amidst mounting concerns that May on Tuesday will emphasize she priorities curbing immigration and striking commercial deals with other countries over preserving tariff-free trade with the region.
Although the U.K. Treasury was reported to plan to calm investors after May’s speech and the Times of London reported Donald Trump would offer a quick trade deal to Britain when he assumes power, the sterling is expected to remain under pressure until May has delivered her speech on Tuesday.
Sell Limit at 1.20500, Take profit at 1.19900, Stop loss at 1.20800