Finally, Britain set a clear indication of their intentions about the negotiation process with their European partners. The message was clear that UK will leave the EU. That seems to have provided some sort of certainty to investors and they reacted by going bullish on the pound: Before the speech the GBPUSD was trading at 1.21750 and now trades steadily up at 1.23303. However, it should be noted that Theresa May’s objectives mentioned during her speech are not guaranteed at all. EU leaders made it clear that UK cannot “cherry pick” access to single market while restricting the free movement of people. However, May insisted that UK will control the number of people coming to Britain… and attract the brightest to work while maintain a tariff-free trade with the EU. One thing is for sure, the road ahead is very long and no safe predictions can be concluded.
- Divided UK Prepares for Brexit
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