UK politics to dictate GBPEUR exchange rates this week

Towards the end of the week, I am expected major volatility for GBPEUR exchange rates and we could see the upper or lower resistance levels tested. GBPEUR exchange rates have been range bound between the high 1.13 and low 1.11s over the last 8 weeks. UK Prime Minister is to hold talks with the full cabinet on Thursday and then will address the UK public on Friday in Newcastle.

Reports are suggesting there is a threat that 15-20 Tory rebel MPs could actually defeat Theresa May and her approach to leave the Custom Union by joining with Jeremy Corbyn. This must be a serious worry for the PM and personally I cannot see it happening, but it just shows how tricky the meeting will be on Thursday. If there is no agreement what can she actually say on Friday that we don’t already know?

This Thursday Theresa May will meet with the full cabinet to discuss Brexit, quite similar to the meeting last Thursday at the Chequers retreat. However Foreign Secretary Boris Johnson has waded in and stated that he will not allow Conservative MPs to ‘water down’ the plan that was agreed at the Chequers meeting last Thursday.

You have to feel for the Prime Minister as it seems she has an impossible task. Half of the country want to remain half want to leave and this seems the case with her Conservative party. Therefore I expect to major volatility with GBPEUR exchange rates towards the end of the week and it could go either way. If you are not willing to gamble on the releases then I would recommend getting in touch today and I will offer you our live buy or sell price.

My direct email address is Typical clients I look after are people that own businesses or people that are buying or selling properties either in the UK or Europe.


For more news on foreign exchange rates and to request a free no-obligation quote visit