The British Pound to Euro Exchange Rate Extends its Downtrend after Deadline Announced for Legal Brexit

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Brexit rhetoric from the prime minister over the weekend continues to push sterling pairs lower.

The pound continues falling after Theresa May’s speech at the Conservative party conference over the weekend, in which she had said Article 50 would be triggered in Q1 2017, and that the European Communities act would be repealed, starting the process of the UK detaching itself from EU law. 

The Pound to Euro exchange rate - currently at 1.1432 - continues weakening.

Despite the strong Manufacturing PMI data on Monday no-one knows what the impact of Brexit will actually be yet so downside is probably set to continue.

We see a move below the 1.1425 level as a providing confirmation of a continuation lower to a target at 1.1340, where strong support is located.

GBPEUROct03

 

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