Vote Day

29 January, 2019

Paul Newfield

With no eco stats yesterday and only US consumer confidence later this afternoon, the vote on the governments’ latest amendment to the Brexit deal, reportedly a “Plan B”, will take centre stage in what will be another defining moment in the latest from the Brexit saga. The voting for the latest incarnation of the document will go ahead at 19:00 tonight. 326 is the majority number required but there is the possibility that the government will use the vote to “reduce the scale of resistance to their central policy” and so this number could prove irrelevant.

Since last night and indeed for the last couple of days, the pound has weakened a little from the highs of last Friday as the latest from Parliament unfurls. This is make or break time for the pound, as the result from this evenings’ vote will cause the pound to either climb or nosedive. With sentiment towards the pound such as it is and with the highest levels in nearly two years, only 48 hours ago, a drop off in rate is certainly more likely.

To mitigate that risk, buy your currency today, before the turbulance of this evening and tomorrow morning, at what should be considered a good trading level, bearing in mind the lows to which sterling has fallen over the last 12 months. Many scenarios could yet still unfold so do keep in touch with us here at CI.