The Great British Pound has not been doing so well lately. In fact, it’s fallen to its lowest value since 2017 and has become the worst performing major currency over the past month and year. As the Pound is under a fresh assault from the Euro, with the GBP/EUR exchange rate breaking down to a fresh 2019 low at 1.1058 on Tuesday, July 16. The markets are fixating on a spike in expectations for a 'no deal' Brexit on October 31.
These declines come after Boris Johnson - the front-runner for Prime Minister - told a leadership debate that he would look to get rid of the Northern Ireland backstop contained in the Brexit deal struck between the EU and UK.
The Pound's sell-off then gained traction through the London afternoon session as reports emerged that 'Team Johnson' was seriously considering suspending parliament ahead of the Brexit deadline to ensure MPs failed to prevent a 'no deal'.