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GBPUSD craters on Cox legal advice

12:39 PM 12 March 2019

GBPUSD tumbled to 1.30, erasing the whole gain from yesterday, following remarks from attorney general Geoffrey Cox that the latest agreement between May and Juncker (the reason the pair spiked higher yesterday) changes nothing in legal terms regarding the Irish backstop. His opinion may have already deflated any chances for May to win today’s vote in the parliament but as there is still at least 7 hours left, the pound might be in for a rough ride.

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