Sterling’s recent recovery took a knock during today’s trading session, with the GBP/EUR pair dropping by over 1% at one stage.
The GBP/EUR pair had been trading close to 1.17 for the first time in almost 2 months earlier this week, and then overnight the ‘Brexit’ made the headlines once again and as with most Brexit headlines the Pound subsequently dropped. In fact the only time a Brexit headline doesn’t seem to result in Sterling weakness is when there’s talk of it not going ahead.
Today’s drop can be attributed to a leaked memo which showed high-level cabinet splits regarding the Brexit strategy. The memo also alluded to an additional 30,000 extra civil servants needed to fulfill Brexit related projects.
Sterling sellers have been presented with a lift recently and some of those gains are still available. Should Brexit begin to dominate the headlines once again now that the positive effects the Trump election on the Pound are dwindling, I expect the Pound to return to the levels we saw prior to Trumps victory.
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