Great Britain Pound Struggles as Brexit Uncertainty Weighs

The Great Britain pound was vulnerable on Wednesday due to Brexit uncertainties but bounced to trade near the opening level against most of its major rivals. The US dollar was an exception as against it the sterling retained losses, falling for the third day in a row.

The House of Lords passed the Brexit Bill but with the critical amendment that the Parliament should have a say in Brexit talks. Many analysts were concerned that it may complicate Brexit negotiations, potentially making them a lot messier. Now, the bill returns to the House of Commons, where the amendment is likely to be opposed.

Meanwhile, UK Chancellor of Exchequer Philip Hammond presented his budget to the Parliament. Of the particular note was the growth forecast for this year, which was revised to 2.0%, up from 1.4% in the previous estimate. With that said, growth is expected to slow in 2018 before picking up later.

GBP/USD fell from 1.2197 to 1.2168 as of 22:45 GMT today. EUR/GBP was near its opening level of 0.8659 after rallying to the high of 0.8694 intraday. GBP/JPY traded at about 139.21 after opening at 138.99.

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