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GBP Drops by 1.6% as Theresa May Preps for Hard Brexit

January, 16 2017
watermark Economic news

The sterling pound dropped by as much as 1.6% and has settled below $1.20 for the first time since October’s infamous flash crash following reports from the market that UK PM Theresa May will soon be outlining her plans of removing UK from the EU single market as part of her attempt to take back control of UK borders, as well as laws. The GBP dropped significantly in comparison to other major currencies after general market concerns that Theresa May will be opting for a hard Brexit and is planning to pull out UK from tariff-free trading in order to put a stop to immigration while promoting trading with other countries.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.