Recently, the pound sterling is fairly seen as one of the worst-performers on Forex. The sterling slumped immediately in response to the Britons’ vote for leaving the EU in June 2016. The British currency has been on a losing streak ever after. The pound is vulnerable to any news on the Brexit developments. As a rule, a string of gloomy news on the Brexit formalities far outweighs news on minor progress. Therefore, the pound has no reasons to assert its strength. In mid-November, the British currency suffered another blow as UK Brexit secretary Dominic Raab announced his resignation. The official decided to step down, citing his disagreement with Theresa May’s version of the Brexit deal. Notably, he is not the only high-ranking official to resign in protest to her proposals. Esther McVey, the work and pensions secretary, and Shailesh Vara, the Northern Ireland secretary, also quit the cabinet. Therefore, the pound sterling fell prey to turmoil in the British government. Virtually in an hour, the pound tumbled by over 1% versus the US dollar. Experts say the bottom is yet to come. To sum it up, the sterling depends entirely on political factors nowadays. So, make sure you adjust your trading decisions to news.

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