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Dollar recovers as May heads to Brussels
GBP/USD fell away throughout yesterday’s European session as the greenback regained some of the ground lost on Monday.
Domestically, last week’s Brexit panic that hit sterling hard seems to have calmed a little with no new resignations since the weekend and the number of letters from Tory MPs needed to be sent to trigger a no-confidence vote in Prime Minister, Theresa May still not being achieved.
The one news story that did see the pound wobble though was reports that Spains Government may veto any Brexit deal should the future of Gibraltar not be clarified in the proposed withdrawal agreement. GBP/USD fell to as low as 1.2775 however we are now back above the 1.28 handle ahead of Theresa Mays trip to Brussels to meet EU officials. The meeting with the President of the European Commission, Jean-Claude Juncker and others is expected to finalise the proposal ahead of it being ratified at a meeting of EU heads of state on Sunday. This will mean a big hurdle has been overcome however anyone expecting a jump in sterling crosses should bear in mind the agreement then has to be voted on in UK parliament which is currently looking a 50/50 shot at best.