The government have now been given the green light to trigger Article 50 after the House of Lords approved the Brexit bill.
The next step is for the government to get approval in the form of Royal Assent and then they are ready to trigger Article 50.
However, Brexit secretary David Davis has said on a number of occasions that Article 50 will be triggered at the end of the month which will allow the UK time to get ready without any external pressures.
With the Dutch elections due to take place tomorrow we could see some volatility over the next 24 hours as it is looking likely that far-Right party leader Geert Wilders will win but he will not be able to form a coalition.
This could cause movement for GBPEUR exchange rates as anything that causes political uncertainty also causes movement on the foreign exchange markets.
The other issue for the UK government in terms of triggering Article 50 at the moment is that it will give Nicola Sturgeon the platform to ask for another Scottish referendum at this weekend’s SNP party conference.
The majority of Scots were in favour of staying in the European Union so Sturgeon is likely to look to put up obstacles to the Brexit process which is the reason for Sterling’s fall against the single currency over the last few days.
Although it could be argued that Article 50 has been priced into Sterling Euro exchange rates we could be in for further shocks as the precedent was set by the Brexit vote last June when Sterling plummeted against the single currency.
Therefore, if you’re worried about what may happen to GBPEUR rates over the next few weeks and need to buy or sell Euros then contact me directly for further information.
The company I work for is able to offer you contracts such as a Forward Time Option which allows you to fix an exchange rate for a future date for a small deposit.
To find out more or for a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org