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Crucial week for pound with parliament set to vote on May's Brexit deal
It’s one of the most crucial weeks for the pound since the 2016 EU Referendum with parliament due to vote tomorrow night on UK Prime Minister, Theresa Mays proposed Brexit deal.
After months of negotiating and in-fighting within her own Conservative Party, May agreed a deal in principle with the EU last month and tomorrow night MPs get to vote on whether they are happy to proceed by its terms. It’s looking likely that May is heading for defeat however the margin of defeat and the repercussions will be the main talking points. Should May lose and the EU offers a token amendment with regards to the Irish border then we could be set for another vote early next year whereby MPs may be inclined to switch sides and vote in favour of the plan “in the national interest.” If there is no such offering from the EU then we could be heading for a leadership challenge, general election and another referendum amongst other possibilities. A short time ago the European Court of Justice ruled that Britain can unilaterally revoke the Brexit vote and choose to remain in the EU. As a footnote today there is UK GDP and Manufacturing Production numbers for Oct-Nov period, don’t expect much reaction to this however as all sterling traders are concerned about at present is Brexit. GBP/USD continues to trade between 1.27 and 1.28 currently sitting at 1.2725.