Pound Higher Ahead of Vote

|

The Pound Sterling remains close to a 7-week peak on hopes that the Prime Minister's last-ditch attempts to gain support for her Brexit proposal will be sufficiently successful to push through on tomorrow's vote. Analysts, however, don't believe Ms. May will have the following in Parliament that she so desperately needs. Sterling outlook remains uncertain, with the March 29th deadline looming large. There are still likely to be some last minute wrangling including the possibility of a new referendum, or even a complete turnabout on the withdrawal decision. Without a plan, however, a disorderly exit seems to be the most likely scenario.

As reported at 11:44 am (GMT) in London, the GBP/USD was trading at $1.2867, up 0.2277%; the pair earlier hit a session peak of $1.2873 while the low was recorded at $1.2819. The EUR/GBP was trading at 0.8914 Pence, down 0.17%; the pair has ranged from a trough of 0.88959 Pence to a high of 0.89526 Pence in this Monday session.

Prime Minister to Plead with MPs

Analysts say that the Prime Minister is expected to tell the Parliamentary Ministers who are largely against her proposal that the actual withdrawal from the European Union, as approved by the citizens of Britain, is in jeopardy, given the number of Parliamentarians who are attempting to stop the process in its entirety. That would mean that rather than a hard crash out of the EU, there won't be a crash at all.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.