Brexit Briefing: Economics, Not Politics, Will Guide GBP

Talking Points

The bill to replace EU law with UK law will be voted on shortly in the Westminster Parliament.

Traders need to watch out for the result but it’s the Bank of England and the economic data that will determine where the Pound goes from here.

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The extent to which Brexit has ceased to be an important factor when trading GBP/USD or EUR/GBP has become glaringly obvious this week. A major piece of UK Brexit legislation, once dubbed the Great Repeal Bill, will be voted on in the Westminster Parliament late Monday night or in the early hours of Tuesday morning.

In all likelihood, the legislation known officially as the European Union (Withdrawal) Bill will be passed and will go on to the next stage of the lawmaking process despite votes against it by the opposition Labour and Liberal Democrat parties, and quite possibly by some rebellious members of Parliament from the ruling Conservative party too. However, that is by no means certain.


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