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You are here: Home / British Sterling / Where next for Sterling exchange rates?

Where next for Sterling exchange rates?

November 7, 2016 by Rob Lloyd

Where next for Sterling exchange rates?

pound sterling head of coinWith the news that Government are unable to invoke Article 50 without Parliamentary consent, there is a stronger argument than ever that the UK is heading for a soft Brexit. Could there be good news for the Pound in the midst?

The Pound rallied against its major counterparts last week following the Court Ruling on Article 50, markets reacted positively to the news as the prospect of a hard Brexit, or any Brexit at all begin to fade.

Theresa May’s hopes for triggering Article 50 in March have for now, been placed on hold whilst MP’s debate the core strategy for an EU-exit. With Jeremy Corbyn throwing his Brexit stance into the equation Sterling could well find further support in the weeks ahead.

Soft Brexit or no Brexit for Jeremy Corbyn

Corbyn has made clear that Government will not trigger Article 50 without retaining the “Brexit bottom lines”. For Corbyn, this means open doors for the millions of Europeans and continual access to the single market. For May, this is the opposite Brexit she had in mind.

But Corbyn could be the light for Sterling exchange rates, whilst not a favourite Labour leader amongst some, his political policies will ward off any hopes of a hard Brexit.

Hard Brexit or no Brexit

Donald Tusk, President of the European Council has previously made stark warnings that the UK’s exit will be difficult, and in light of the recent developments there could be a significant change in course for Brexit Britain. A snap election could take place for example, which could be Brexit on the backburner indefinitely.

Whilst there could be opportunities for those buying foreign currency with Sterling, Theresa May is planning to appeal the decision later this year which if successful, could see a u-turn from the Pound’s recent highs.

Filed Under: British Sterling Tagged With: Article 50, Pound strength, Theresa May

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

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