The British Pound is seen rising as a deal between the E.U. and U.K. over the first phase of Brexit negotiations has this morning been confirmed. We ask the analyst community where they see Sterling going from here.
U.K. Prime Minister Theresa May has worked the phones through the night and this morning it has been announced that a deal on the first round of Brexit negotiations has been reached.
The Pound had risen sharply in anticipation of this outcome overnight as news of progress hit the wires but we have actually seen the Pound paring earlier gains on the actual announcement as traders ‘sold the fact’.
At the time of writing the Pound-to-Euro exchange rate is testing fresh five month highs at 1.1486. The Pound-to-Dollar exchange rate is at 1.3481.
But, we are told Sterling should enjoy further upside, in the near-term at least.