Pound Swiss Franc (GBP/CHF) Exchange Rate Hits Lowest Level Since 2017 As No-Deal Brexit Risks Rise.
Both remaining contenders in the Conservative leadership contest indicated a willingness to drop the Irish backstop the odds of a no-deal scenario increased, dragging down the GBP/CHF exchange rate.
With the EU widely expected to reject any attempt to drop the backstop from the withdrawal agreement the risk of the UK leaving the EU without a deal weighed heavily on the minds of investors.
The markets appear increasingly concerned by the current political outlook in the UK, with the next Conservative leader looking set to take a hard line on the subject of Brexit.
This prompted the Pound to slump to fresh multi-month lows across the board, hitting its lowest level since the start of 2017 against the Swiss Franc.
GBP/CHF LONG (Buy)
Enter at: 1.2256