UK Prime Minister submitted a newly drafted proposal to his EU counterparts. The new deal is seen to be going soft on the Irish backstop. The British PM maintained that if a deal was not reached, the UK will leave the EU. However, this could get complicated as lawmakers can legally block a no-deal Brexit.
GBP/USD Stays Flat for Now
The cable remained muted to Brexit developments on Wednesday. Price is currently trading near the recently breached support level of 1.2291. Any further gains could see GBPUSD trading within the range of 1.2291–1.2370. However, the risks to the downside remain. The lower support at 1.2808 will be the downside target for the short term.
