Tomorrow morning the Supreme Court will rule whether Theresa May has the power to withdraw from the single market or if Parliament must have a say in her plans.
This story has made the headlines on many occasions and has been written about in almost every article posted on this website in recent weeks, which just shows how important this decision could be for GBPEUR exchange rates.
The pound has received a well needed 3 cent gain against the euro within the last 7 days and I expect this trend could continue tomorrow as the Supreme Court is likely to vote in favour of the High Court.
This therefore means Theresa May has to seek approval from MPs within the House of Commons which could take time. Consequently this could push back Theresa May’s March deadline.
Unfortunately for euro buyers this is more than likely going to be a short term spike in your favour and won’t be sustained for a long period. However a spike in the market means you have an opportunity to purchase euros at a higher levels than we traded today.
For euro sellers, if you have time and are in no rush, there is a strong chance exchange rates will fall to the lower teens the closer we get to Mrs Mays’s deadline, therefore I recommend outlining your requirements to me and I will keep you up date with regular information.
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