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Currencies: British pound shrugs off Brexit drama, holds support at 200-day moving average

The British pound was able to shrug of Brexit drama and an early morning selloff to trade near unchanged in early U.S. trading hours on Thursday.

After nearly six hours of deliberation, European Union leaders granted the United Kingdom a second extension to its Brexit deadline to Oct. 31, which includes a clause that would allow the U.K. to leave earlier should Prime Minister Theresa May win approval for a deal from Parliament.

“The takeaway is that neither side wants a no-deal Brexit. It also appears likely that the endgame is some sort of soft Brexit. Over six months remain for a deal to be struck but never underestimate the capacity of politicians to go to the brink once again.

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