Article 50 gives both the UK and the EU two years to reach agreement, meaning that the UK will leave on 29 March 2019, unless the sides agree to extend the period.
The GBP/USD pair reacted somehow neutral with a low of 1.2374, down from 1.2480 and currently trading at 1.2425.
As it turns out, the Art 50 triggering was a non-event, partially because market participants already knew about it and it did not come as a surprise. What happens next will determine how big of an impact will the process have on the UK economy and the UK currency.
Chart: GBP/USD H4
Very helpful analysis.
ReplyDeleteIt was surprisingly anti-climactic.
ReplyDeleteLet’s see how it keeps going.
ReplyDeleteGreat article, really enjoyed it!
ReplyDeleteThat's good to know, thanks.
ReplyDeleteGreat post! Thank you!
ReplyDeleteThe pair managed to recover the loss and maintain upward slope well into positive territory.
ReplyDelete