GBP set for a Monday drop thanks to Brexit?
GBP set for a Monday drop thanks to Brexit?

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The UK is in an interesting transitioning period trying to enforce Brexit and leave the EU on the 31st of October.

Last week was one of actual motions towards getting this done, Boris Johnson's Brexit deal was unanimously approved by the EU

and other at the summit in brussels on Thursday however not without rightful scrutiny shortly after as the deal leaves Northern

Ireland still in the EU and would hold many issues with boarders.

 

In short these issues left parliament to take a vote if this deal is good enough and wither a no deal or amendments should be made

with extension to the 31st of October deadline. The vote was Saturday and the government lost 322 to 306. Just 16 votes between them

which no doubt came down to the DUB and Labour rightly having concerns over the logic of rushing a bad deal.

 

This now leaves the UK having to amend and extend Brexit further because of Sir Oliver Letwin's tabled motions.

 

Why the pound should weaken

  • The obvious nature of uncertainty
  • the pound was falsely built up this week only to turn out with a negative outcome
  • this extension and amendments shows weakness within the UK's alliances
  • people will anticipate a drop and add to it
  • this will cost the UK more money 
  • Right now there isn't any definitive answers to important questions

Although the approved deal made by Johnson at the Brussels summit isn't dead it now leaves virtually no hope for a 31st October

positive leave/deal for the UK without significant compromise or conflict within itself. 

 

Monday will see Boris try to convince MP's to vote potentially on Tuesday and even then amendments will still need to be in place.

The motions overall are positive towards trying to get this done, however the manner this has happened and changes not making 

any effect untill Tuesday should see the GBP fall across the forex market on Monday.


goldhunter1
goldhunter1

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