Hard Brexit could make the economic slump even deeper

Bears finally regained their momentum once again, and this time, it comes in a crucial time as the pound gets weighed on by Brexit concerns. This should lead the pair lower towards its support levels soon, forcing the 50-day moving average to slide and get closer to the 200-day moving average. Moreover, huge companies and corporations in the United Kingdom are warning that a hard Brexit could make the economic slump even deeper and cause the unemployment rate to jump unprecedentedly. The British government has reached a point of no return and companies are saying that it’s a huge gamble. BPM Johnson and his team only have less than six months to clinch a trade deal with the European Union, and this concerns a lot of investors, causing the sterling to falter in sessions. If a no-deal Brexit would be the case, companies would struggle to hold on to their workers, adding pressure to them as their still recovering from the pandemic.