Brexit Series: Pound climbs on positive Brexit developments

The British pound sterling is moving higher on the positive news after yesterday’s major selloffs. As several of Prime Minister Theresa May’s cabinet ministers quit over the draft Brexit agreement, pound suffered massive selloffs declining from 1.302 against the USD to as low as 1.272 area.

However, as it was announced a meeting with ministers of the parliament over the Brexit deal is canceled and both European Union and the United Kingdom is looking to make some revisions in the agreement especially with regard to the backstop customs union and other controversial areas to make the deal more palatable to the UK lawmakers, the pound has started recovering grounds.

The pound is currently more than 100 pips off its day low and trading at 1.286 against the USD.