The pound rose on Monday, surpassing $1.30, after Prime Minister Boris Johnson sent a letter requesting an extension to Article 50 while still pressing on Parliament with Brexit votes this week.
As of 08:35 GMT, the British pound surged against the U.S dollar for a fifth straight session, marking a top at 1.3011, the highest level since May 13. Against the euro, the British currency rose 0.32 percent at 1.1629, the highest level in five months.
The British government formally applied for an extension of the Brexit deadline of October 31, after UK lawmakers decided to postpone the vote on the exit agreement.
European Council President Donald Tusk received a letter requesting a postponement over the weekend, which he is due to consult with EU leaders.
British Prime Minister Boris Johnson will once again try to put the Brexit deal to a vote in the British parliament on Monday after he was forced to send the EU a request for a postponement.
However, Prime Minister Boris Johnson did not formally sign the extension request and even sent a separate letter to Tusk to make it clear that he was particularly opposing the request.
"Since I became Prime Minister and made it clear to Parliament again today, I have made my point and the Government's position that extending my compassion would be detrimental to the interests of the UNITED Kingdom, our EU partners and the relationship between us," Johnson said.
With only 10 days remaining until the UK leaves the EU on 31 October, Brexit is once again in chaos as the British political class argues over whether to leave with a deal, go out without a deal or hold another referendum.
For the remaining of
the week, the focus will be on the latest developments regarding Brexit due to
the absence of important economic data from the United Kingdom.