Sterling will rally 3 percent if the Brexit gridlock is resolved and Britain loo...
LONDON - Sterling will rally 3 percent if the Brexit gridlock is resolved and Britain looks likely to leave the European Union with a deal but the currency will tumble 5 percent if negotiations fail, a Reuters poll found.
Since the decision to leave, the pound has gyrated wildly on any Brexit news and largely shrugged off economic data, including recent private surveys which suggested Britain’s economy is likely to shrink in coming months. May secured a Withdrawal Agreement with the EU in November but has failed to get the support of British lawmakers, leaving the country’s road out of the EU unclear.
Another option is that Britain asks for a long delay to Brexit which would prolong the uncertainty. But if it looks like the road out will be extended, the pound will edge up around 1.75 percent, according to the poll.
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