The pound received a welcomed boost at the beginning of this week against its major currency counterparts, fuelled by positive rumours that Prime Minister Theresa May was edging closer to an agreement with Europe on the controversial Irish Backstop. This rally continued throughout yesterday and saw the GBP/EUR pairing reach almost three week highs of 1.15244, excellent news for those clients using pounds to buy euros.
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It was announced yesterday that three Conservative MP’s have decided to quit the party and join a new Independent Group, which was set up by a group of seven former Labour MP’s. The group now consists of 11 with the addition of Heidi Allen, Anna Soubry and Sarah Wollaston, who had been supporting the idea of a second referendum, and these latest resignations now put Theresa May in an even trickier position in Parliament, as cracks continue to show within her party.
This helped GBP strengthen against EUR and USD, as the chances of a no deal Brexit edge further away once again. Although this is bad news for Theresa May who is already struggling to gain support from her colleagues, which will be crucial to securing the Brexit deal she wants, changes in the political landscape are all positive signs that the UK is not heading towards a no deal Brexit.
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