Two high profile resignations, an 82 page “white paper” and a blessing from Angela Merkel makes a Brexit agreement more likely to happen soon.
Boris Johnston resigned last week, which was a good thing for Theresa May. They were never on the same page and Boris was a just a liability to May in helping her get some version of Brexit over the line.
Her cabinet created an 82 page “white paper” on how they see how an exit from the EU will look like and the contents of this will now be debated in the commons.
Interestingly, she ran the document past the German Chancellor, Angela Merkel (The real head of the EU) to get her blessing.
The EU are looking to ensure that the exit doesn’t let the UK off too lightly which could encourage other EU countries to depart and that is their real motivation in these negotiations.
So what now? If and when an agreement is finally made the GBP should soar!! When that is going to happen is impossible to predict. The GBPUSD will likely fall further first, possibly down to the 1.25 as the negotiations go back and forth.
However, we are closer than we have ever been and when the deal is finally agreed we could see GBPUSD hit 1.50. Remember, this is a longer term trade. We will need help from a weak USD and interest rate hikes in the UK (post agreement) as additional support to hit these heights.
It’s a wait and see now! Get your timing right you could be looking at one of the biggest trading opportunities in years.
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