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Pound in Bearish Fever as EU Issues U.K. Ultimatum

ForexSep 10, 2020 03:01PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The pound is on track for its biggest weekly slump in nearly six months Thursday as the EU threatened to pursue legal action against the U.K. if it doesn’t drop a bill that aims to undermine the Brexit divorce agreement.

GBP/USD fell 1.56% to $1.2799, and remains on track to post its largest weekly slump since March 15.

The EU demanded the U.K. drop its internal market bill by the end of the month or risk jeopardizing negotiations and legal action.

The bill, published on Wednesday, seeks to create common rules that apply across the whole of the U.K. including England, Northern Ireland, Scotland and Wales. It would likely clash with key terms of the withdrawal agreement requiring that Northern Ireland, in the post-Brexit period, follow EU rules in order to avoid a hard border with the Republic of Ireland.  

Cabinet minister Michael Gove insisted the country will not withdraw the bill.

The acrimonious shift in relations comes just days after Prime Minister Boris Johnson said Britain would walk away from talks if there was no agreement in place by the Oct. 15 deadline, when European Council is set to convene.

With both sides seemingly content to dig in their heels, hopes of some progress in the latest round of trade talks are fading, while the prospect of the U.K. leaving the EU without a deal, a "hard Brexit," grows by the day.

Pound in Bearish Fever as EU Issues U.K. Ultimatum
 

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Comments (10)
Eddie Fargas
Eddie Fargas Sep 12, 2020 7:17PM ET
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It's the dollar that's been dumping at a pretty steady rate since the end of March.
Matthew Lenco
Matthew Lenco Sep 10, 2020 8:27PM ET
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Fibonnaci made me buy at ,32 thinking rebound. GBP dropped now Im waitingv for a rebound again to counter the current $1300 position.
Edidiong Victor
Edidiong Victor Sep 10, 2020 8:27PM ET
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happy waiting
Edgar Garcia
Edgar Garcia Sep 10, 2020 8:27PM ET
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Yo estoy a punto de entrar en GBPJPY y GBPNZD al alza se dara la vuelta en cualquier momento!!
Ifeoluwa Akinpelu
Ifeoluwa Akinpelu Sep 10, 2020 8:27PM ET
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Edgar Garcia meaning pls
Dom João II
Dom João II Sep 10, 2020 7:26PM ET
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Just leave already.
Tom Bettis
Tom Bettis Sep 10, 2020 5:26PM ET
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GBP pairs plummeted crazy today
Star Boi
Star Boi Sep 10, 2020 4:05PM ET
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Why is England still in Northern Ireland? Because orange is the new green? Perhaps England and its little orange men should leave, then you don't have a hard border. In the 21st century, you would think people would have gotten over their imperialist aspirations and leave the Irish to being, well Irish. If a hard border goes up, it will be bad news for England. The Irish don't take kindly to the reneging on the peace agreement. This is just not worth it, especially when things had just gotten back to being normal.
jj mm
jj mm Sep 10, 2020 3:53PM ET
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forex manipulation. no need intervention from BOE to devalue GBP. now they have more ammunition to devalue GBP
Phil Davis
Phil Davis Sep 10, 2020 3:49PM ET
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The EU is holding on by it's fingernails. They can't open their economy with output a meltdown. More popcorn
Pan Glos
Pan Glos Sep 10, 2020 3:46PM ET
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The previous comments are obviously from Eurofreaks whose concept of sovereignty has been reduced to servitude.
Bulent Ok
Bulent Ok Sep 10, 2020 3:41PM ET
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British governments have always been sneaky... They will get the terms they want... Better something than nothing will be EU, s final choice...
Chris Sundo
Chris Sundo Sep 10, 2020 3:16PM ET
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It's about time the EU puts their foot down. What did the Brits think of leaving the EU and still ask for a deal? Don't they know that a group deal is only for groups?
Ebosetale Destiny
Ebosetale Destiny Sep 10, 2020 3:16PM ET
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hello
Ebosetale Destiny
Ebosetale Destiny Sep 10, 2020 3:16PM ET
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usa
Pan Glos
Pan Glos Sep 10, 2020 3:16PM ET
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It is the EU that wants to plunder the fishing grounds. Is that your idea of putting the boot in?
 
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