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EU agreed to delay Brexit without new deadline

The GBP was lower on Friday as confusion over whether or not the U.K. will leave the European Union next week continued, as the European Union(EU) failed to reach an agreement on a Brexit extension.

The U.K. had asked the EU for an extension. U.K. lawmakers voted in principle for a Brexit deal on Tuesday but pushed against Prime Minister Boris Johnson’s timetable for passing a Brexit deal in three days.

Johnson has pushed for a general election but has faced backlash. The EU postponing their decision on an extension could put more pressure on the PM. Labour leader Jeremy Corbyn said Friday he would agree to an election if a no-deal Brexit was off the table.

GBP slipped against the USD on Friday in Asia after U.K. Prime Minister Boris Johnson said U.K. lawmakers should back an early Dec. 12 general election to get more time to scrutinize the Brexit deal, creating more uncertainties surrounding the country’s departure process.

We can expect Higher Volatility, Slippage on GBP Currency pairs. Please beware for safe trading. 

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