The pound spiked upward after UK Prime Minister Theresa May invoked Article 50 this afternoon at 12.30pm.
It did appear that the markets were jittery in the lead up to this afternoons announcement, as the Pound to Euro rate was trading in the early 1.14’s earlier this morning.
Now that it’s official that Britain will leave the European Union on the 29th of March 2019, the Pound has returned to positive territory and at its highest stage it hit 1.16.
The Pound appears to be struggling to breach this level at the moment, after hitting a high of 1.19 last month after it emerged that Marine Le Pen was leading the race to the French presidency in a popular opinion poll.
I think that those with a currency requirement involving the Pound and the Euro will have to monitor how the French election pans out as a Marine Le Pen victory is likely to result in a sell-off in the Euro. At the same time I think that how the negotiations pan out for the UK now it’s begun the Brexit process is likely to continue to weigh on the Pounds value.
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