Home » Currency Note » Currency Note » Currency Note GBP » GBP: Sterling holds on to recent gains as Brexit drama continues

Through all the excitement in Westminster, sterling managed to hold onto most of its recent gains, moving within a choppy range of around one cent against both the USD and EUR. There was a slight softening late into the evening as the final vote came in, to ask the EU27 for a delay on Brexit. So the drama continues into another week, with little settled.

The Prime Minister’s preferred delay would be a short-term one until 30th June, with just enough time to (she hopes) push her deal through on a third ‘meaningful’ vote. Nonetheless, a much longer deal, which could see the UK voting in the next European Parliament elections. Donald Tusk, European Council President, has said that he could be open to the latter “if the UK finds it necessary to rethink its Brexit strategy.”

Although No Deal has been rejected by parliament, it remains the default position. Equally, an amendment being put forward by Labour MPs could offer to support the Withdrawal Agreement in return for a Referendum to support it versus remaining in the EU. So all options remain possible.

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