Pound Sterling is still feeling the effects of UK Prime Minister, Theresa May’s comments regarding the Brexit over the past weekend, with GBP/CHF now trading in the 1.23’s as the Pound continues to weaken.
Sterling lost almost 1% during Monday morning as investors digested May’s comments. She alluded to the government focusing on controlling immigration and it appears that this is a priority as opposed to retaining access to the single market.
May also said that the UK cannot keep ‘bits’ of EU membership and financial markets also interpreted this as a move in the direction of a so-called ‘Hard Brexit’ which as usual resulted in weakness for the Pounds value.
Moving forward I expect to see the Pound weaken further as we await the outcome of the Supreme Court’s impending decision on whether or not the UK government requires parliamentary approval before beginning the process of exiting the EU.
The markets are generally expecting to see the pound fall further if the government is successful in their appeal, as a successful appeal would result in the Brexit beginning at the end of March as May has previously planned.
If you wish to be kept up to date with how the appeal unfolds, along with any other potential big moves between the GBP/CHF pair, feel free to get in touch.
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