Pound Sterling slump shadows Boris Johnson 's latest Brexit setback

Following UK PM Boris Johnson's failure to break Brexit delock, British Pound Sterling fell slightly on morning of October 21.  British Pound Sterling reportedly fell by 0.55% to US$1.2913 at around 0000GMT, which is relatively stey as compared to ups and downs seen last month. Anticipations around value of Pound h surged after House of Commons sat on Saturday, October 19 to consider Johnson's EU divorce deal.

Stephen Innes, Asia Pacific market strategist at AxiTrer, in a commentary wrote: " fact Sterling has proven surprisingly resilient... buttresses well for risk sentiment".

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Effect of Brexit on Pound Sterling

Saturday's vote was seen as a potential turning point in long-running Brexit saga. Inste of coming to a conclusion, lawmakers inste voted for ar Brexit delay in order to save Britain crashing out of bloc on October 31 with agreement in place. Though British PM agreed to delay after much o, conservative government is still expected to exit deal by end of this month. EU is yet to respond to delay request. Shinichiro Kota, an exchange strategist at Barclays Securities in Japan told media that market was observing Saturday's parliamentary session inste of focussing on decision.

"re h been hopes late last week that this issue would finally see a settlement. But w it's been shelved. pound rallied to close to $1.30 from $1.22... We can say it is holding firm, which shows hopes (for avoiding -deal Brexit) have t been dashed," Shinichiro said.

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Sterling's fate as predicted by Forex experts

Speaking for forex, a senior forex strategist at National Australia Bank, Rodrigo Catril said, " market was t in wait-and-see mode. We saw pound lose a little bit of ground, but from perspective of what it's gained over past week, that's really minimal".

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Elaborating his observations, Catril said that it seemed Britain would come to a deal before October 31 yet a great deal of uncertainty still remains. re is possibility of a confirmatory vote for Britain's exit, or re might be a second Brexit referendum, he ded. forex strategist thought that Saturday's commentary seemed like a fair bit of support rising for Boris Johnson to get deal done, but details are what matter. Foreign Secretary Dominic Raab's claimed that UK government h numbers to push through Johnson's deal proved correct in order to make Sterling rise, he said.

"But we're t yet certain that government has got vote, so that points to a little bit of cautiousness in terms of pound facing a little bit of uncertainty in coming days," forex strategist said.

(With inputs from PTI)

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