GBP Gets That Sinking Feeling Again

The GBP has gone from hero to zero in a very short space of time as the UK government revealed a very contentious Internal Market Bill this week. The bill plans to override parts of the Withdrawal Agreement that relates to Northern Ireland and state aid. With the bill up for debate and the BOE on schedule all eyes will be on the GBP.
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An experienced currency analyst that specialises in short term sentiment and news driven trading.
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Latest posts by Arno Venter (see all)

Concerns of a no-deal Brexit scenario has been largely ignored by market participants over the past few weeks and months. However, all of that changed in the past week when the UK revealed their Internal Market Bill.

The bill would essentially see the UK break international law by overriding parts of the Withdrawal Agreement that it signed with the EU. As one would expect the EU has expressed their concerns and have given the UK government an ultimatum to rectify the contentious parts of the bill before the end of September.

The bill is up for debate this week so that is bound to add some additional spice to the current situation. However, with a majority, the current baseline expects that the government won’t have any real challenge getting the bill passed.

Apart from the debate, the market will be sensitive to any further negative or positive developments on the Brexit front. To make things even more interesting, we also have the BOE rate decision and statement, but no fireworks are expected from them until November.

This week’s video will help you prepare for the upcoming events and provide insights into how you could possibly trade them as well.

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Highlights of the video:

00:05 – Current Baseline

01:30 – Baseline expectations for the upcoming risk event

04:41 – Sentiment Shifts & Trade Plan

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ivan

Thank you for the nice explanation Arno. Do you know by the way at what time will be announced the result of Commons vote for Internal Markets Bill ?