They are selling the Pound on Wednesday. Overview for 23.10.2019

GBPUSD is moving downwards after House of Commons of the United Kingdom approved the Brexit deal.

The British Pound is falling against the USD on Wednesday morning. The current quote for the instrument is 1.2860. 

The British Prime Minister Boris Johnson has finally succeeded in persuading the Parliament to approve Brexit deal her earlier made with the European Union. It took two ballots, the first one last Saturday, which failed, and the second one this Tuesday, which finally succeeded: 329 votes for and 299 votes against.  

However, this approval doesn’t guarantee that the same House of Commons will have no problems in quickly ratifying the deal. However, it’s a very important step for Johnson, because he managed to pass at least the first obstacle of his way. 

Right now, no one can be sure that the Brexit will really start on October 31st as was scheduled before. The ratification itself may be a serious problem. Johnson said that the EU wouldn’t likely agree to postpone the deadline one more time, that’s why he was trying to force the process, even if the British policymakers failed to ratify the exiting procedure and refused to implement it on the legislative level. 

It is currently known that the United Kingdom asked the EU to approve rescheduling the Brexit date from October 31st, 2019 to January 31st, 2020. However, there hasn’t been any news from the European policymakers yet. 

Everything that is happening right now is not good for the Pound. Yes, the procedure is underway, but it is too slow to be very productive.