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Following UK Prime Minister Theresa May's speech yesterday the value of sterling soared, with the pound clawing back some of the ground it had lost over past few weeks. May's promise to hold a parliamentary vote on any Brexit deal had given investors some much need confidence. However with the future of UK economy still a concern, we are already starting to see the pound give up some of the gains.
GBP/USD graph.
What can we expect next for the pound?
The easiest answer is more volatility. Although Theresa May's twelve point plan has provided some clarity on the government's plans, I still expect the pound to remain under pressure for the foreseeable future.
We are still waiting for Article 50 to be invoked in order for official divorce proceedings to begin, and it could then take years of negotiating before any type of deal is struck. Theresa May has already stated that she will not provide a running commentary on how negotiations are going, and I think that will continue cause some uncertainty and will stop the pound making any significant ground against the dollar.
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