GBP EUR exchange rates remain on tenterhooks as we await the Supreme Court ruling which is expected imminently. It has been announced that UK Prime Minister Theresa May will be making a statement on Brexit on Tuesday net week which is almost certainly going to create volatility for the pound. Any suggestion of leaving the single market or a so called hard Brexit is likely to see the pound weaken further.
When will we hear the verdict from the Supreme Court?
The Supreme Court usually release their verdicts on a Wednesday although this by no means a requirement or guaranteed to happen. My feeling is that we may see that verdict the day after Theresa May’s speech and if not, then it should be made the following week. Those clients looking to buy or sell Euros still have time to get in touch to prepare before the fireworks start next week. High volatility is expected on these two statements! If Theresa May does win her appeal at the Supreme Court then there is likely to be sharp drop in the price of the pound. Anyone selling Euros could see some excellent trading prices come available which in my view could see levels falling to 1.10 for GBP EUR.
There are many forces at work behind the scenes trying to put a stop to Brexit or at least to maintain access to the single market so there is likely to be considerable volatility in the weeks and months ahead as the markets try to predict what sort of a relationship Britain will ultimately have with the EU. As such politics will continue to be the main driving force for sterling exchange rates and this is unlikely to change any time soon in these unchartered waters.
Data is light today so politics will continue to drive the pound and the Euro as we end the week.
If you would like further information on buying or selling Euros and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on email@example.com