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Pound rises as EU approves Brexit withdrawal agreement.
The pound has risen modestly this morning as traders digest the news of the EU signing off UK Prime Minister, Theresa Mays Brexit withdrawal agreement in Brussels yesterday.
The plan was unanimously given the green light by EU heads of state and signals the beginning of a campaign by the PM to get the plan approved in a vote in the House of Commons next month. Mays proposal looks likely to be voted down by dozens of members of her own Conservative party however it will be interesting to see how many fall in line given the potential economic damage voting against it could cause the UK economy. Warnings have been issued by several members of the EU team already that the deal on the table is the only one that will be offered to the UK. EU Commission President, Jean-Claude Juncker stated in a press conference after the announcement that this was “the only deal possible.” Dutch PM, Mark Rutte, praised May stating, “She has fought very hard, she was very stubborn, and she always is, in a positive sense, very tenacious." GBP/USD has risen to around 1.2835 this morning however the moves will likely be capped before the crucial parliamentary vote where it will likely either soar or collapse on the outcome of the MPs poll. The vote is penciled in for the 12th December.
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