May’s speech expected to cause volatility
GBP/EUR rates will be mainly dictated by the progress in Brexit negotiations. The Irish border situation has again come into the spot light. UK PM, Theresa May has turned down proposals from Brussels that could potentially annex Northern Ireland by keeping them in the single market.
The PM is due to speak later today and investors wait with baited breath to see if May gives some form of clarity on the Brexit situation. She is widely expected to rule out Britain being part of the customs union with the EU.
There has been recent talks at Chequers with members of her cabinet and it appears there is now some unity between the remainers and the leavers in the cabinet. This is neded considering many have been at loggerheads for some time. I feel many MPs have put their own personal agenda in front of focusing on getting a Brexit deal in place. I would expect May to state there is now a framework in place for negotiations and that she has the backing of her cabinet.
I think May will try and avoid any mention of a hard line stance which has the potential to hurt the Pound. Sterling does have the potential to strengthen, but nothing substantial. It is a question of whether investors believe her comments and credibility.
GBP/EUR has been sat between 1.12 – 1.15 for some time. 1.15 being a resistance point with the GBP/EUR quickly retracting when 1.15 is hit. If you have to move short term buying Euros aim to move around 1.1430 as having too high expectations could prove costly.
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