Just an update - especially if trading GBP next week.
There is the possibility of renewed volatility on GBP due to political debates and associated votes to take place in Westminster this upcoming week. The market has been expecting at least an extension of Brexit date and has been trading UK data (earnings index) instead of Brexit this past week, any political upheaval could cause disruption to the trend.
On a personal note, which will not be mentioned again, the effect of Brexit and the apparent no deal looming will have major negative effects on my business, my city, my community and my family.
I live and do business on the NI land border, in our community and businesses Euros and Gbp’s circulate together freely - for this reason we need to become familiar with market activity and likely exchange rate direction.
The two economies and communities are very closely intertwined and even the thought of a hard border between the two gives me goose pimples.
A majority in NI voted to remain within the EU likely based on these reasons but alas there was one political party that opted for leave - the DUP - and by chance their 10 mp’s hold the balance of power in Westminster - the best we could hope for is that the invisible border would stay.
The UK PM likewise opted for such a scenario in Dec 2017 when she was ready to sign an agreement keeping NI in alignment with EU regulations - the DUP said NO and the Mrs May had to return without signing.
To date the EU 27 have also insisted on a seamless border and so the ‘backstop’ was born.
It’s all a long story, well told by the US NBC, the short video sums up best for local people.