GBP/EUR Rates: Third meaningful vote is delayed for now, but will May gain enough support to try again?

Pound to Canadian Dollar Exchange Rate ahead of New British Prime Minister

Over the weekend it appeared like UK PM, Theresa May would attempt to have her Brexit deal voted on one final time in order to have the UK leave the EU under her terms, although this is now looking less likely.

Reports had suggested a vote would take place either yesterday or today but May appears to have failed to gain the support needed to have a chance of winning, especially after a conversation between herself and the DUP leader Arlene Foster yesterday failed to result in any progress.

Parliament vote to take control of Brexit

This has resulted in Parliament voting to take control, with UK lawmakers now set on vote on alternatives to her deal this Wednesday although these vote won’t be legally binding. These options are likely to include staying in the customs union, holding a second referendum and revoking Article 50.

GBP/EUR rates

I’m surprised to see the Pound trading at the current levels of 1.1660 against the Euro considering the original Brexit date is supposed to be this Friday, and yet there is no plan in place. Despite the EU still warning of the potential of a no-deal Brexit taking place, I think that markets have ruled out a no-deal which is why Sterling has managed to hold onto its gains against major currency pairs recently.

Economic data is very light today as there are no releases out of the UK or Europe today. Brexit will inevitable continue to be the main driver of currency value and with the votes tomorrow taking place I think these could be the next potential market movers.

If you would like to be notified in the event of a major market movement for the GBP/EUR pair, do feel free to register your interest as the next week of so could be volatile. Markets generally expect to see an extension but now that there may not be further votes on the PM’s Brexit deal there could be some surprises on the horizon that impact GBP/EUR.

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