Sterling in torment
|Currently trading at 0.85370, EUR/GBP is valued at a 22-month low, heading along 0.85510 short-term. Parliament is expected to start another Brexit vote at 17:00 GMT. The battle between to impose a negotiated Withdrawal Agreement continues. Time is running short: an extension of negotiations would need to be approved by the European Union during its summit next Thursday. An extension until 30 June 2019 might be agreed. We question whether Prime Minister Theresa May’s Withdrawal Agreement or any alternatives are even feasible. GBP-positive scenarios are either an acceptance of the existing Withdrawal Agreement or of an extension.
Two days of intense debates were capped yesterday in defeat for the government. UK Attorney General Geoffrey Cox warned that the country could remain stuck in the bloc’s customs union. Last night Parliament voted not to allow a hard Brexit – but this was non-binding. Lawmakers will be focused on extending the divorce period, accepting May’s deal or staying in the EU.
Stay on top of the markets with Swissquote’s News & Analysis
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.