Sterling Hits 17 Month Low But Manages To Recover – 4 December, 2018

Sterling touched a 17 month low when Prime Minister Theresa May’s government withheld legal advice on Brexit which further confirmed the depth of opposition from lawmakers on her plans to leave the European Union. Sterling dipped to $1.2659, its weakest since June 2017, but manage to recover to trade flat. The currency had rebounded when a lost government vote in parliament, reducing the chances of Britain leaving the block without a deal. A European Union senior advisor stated that Britain could withdraw its Brexit notice, which helped sterling recover.