Carney speech: Worst-case Brexit scenarios now less severe than 2018

While testifying before the Treasury Committee as part of the Bank of England (BOE) inflation report hearings, Governor Mark Carney said that their worst-case Brexit scenario was less severe than last year's forecast and added that the worst-case Brexit outcome was now expected to cause a 5.5% drop in the real gross domestic product (GDP) compared to 8% previously estimated. 

The GBP/USD pair largely ignored Carney's comments and is now consolidating its daily gains a little below the 1.22 handle, still adding around 100 pips on the day.