Sterling was stable on Tuesday as investors kept their hands off the British currency given that the risk of Britain crashing out of the European Union without a divorce deal on Oct. 31 remained high.

The probability of a no-deal Brexit was still very much a concern for traders as Prime Minister Boris Johnson reiterated that he will take the country out of the bloc on deadline.

Even though the British parliament approved a legislature which forces Johnson to request a deadline extension from Brussels if he cannot agree on a deal with the EU by mid-October, the prime minister said he would not do such a thing.

Sterling was flat at $1.2353 by 15:30 GMT , having jumped to a six-week high the day before. Against the euro, the pound was neutral at 89.44 pence.

Source : Reuters