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15.11.201815:51 Forex Analysis & Reviews: The pound and the euro rising against the dollar but the British parliament can reverse the trend

Today, the dollar is losing against the pound and the euro, which rose immediately after British Prime Minister Theresa May received Cabinet approval for the implementation of her Brexit project. However, the growth of European currencies was limited by concerns about whether this project will receive parliamentary approval. If the parliamentarians refuse to accept the project, the pound and the euro will unfold and begin to lose against the dollar.

Prime Minister Theresa May received support from her ministers in connection with the "divorce" with the European Union the day before, pushing the euro and the pound by 0.8% and 1.2% against the dollar, respectively, against their lows reached on Monday.

The "divorce" project with the European Union, which was submitted to the Cabinet of Ministers on Tuesday, will enable the United Kingdom to leave the EU with an agreement that will avoid the "heavy Brexit". However, the EU's main Brexit negotiator, Michelle Barnier, warned that the path to ensuring a smooth exit for Britain is still long and potentially difficult.

The dollar index, which demonstrates the effectiveness of the currency against the six major world currencies, rose slightly from morning to 96.87 but remained below its 16-month high reached this Monday.

Despite several attempts by the pound and the euro to rise today, analysts still see strong support for the dollar amid broader concerns about Brexit and global trading stresses.

To date, the pound has gained 0.06 % against the US dollar, breaking the level of 1.3002.

Fedor Pavlov,
Analytical expert of InstaSpot
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