The Pound Sterling slipped during London trade on Tuesday as the Parliament voted to take the helm of the Brexit process. That in itself would have been positive news for Sterling but it also means that the likelihood of a snap election for the Prime Minister have increased. The UK Parliament has scheduled a vote for tomorrow on numerous Brexit-related options; analysts are hopeful that the outcome will mean agreement for a deal with the European Union.
As reported at 11:35 am (GMT) in London, the GBP/USD was trading at $1.3238, a gain of 0.3753%; the pair has ranged from a trough of $1.3158 to a peak of $1.3251. The EUR/GBP was trading at 0.8551 Pence, down 0.2962%, and off the session low of 0.85418 Pence.
Brexit Remains on Shaky Ground
The goal for the Parliament will be, then, to get the British government to agree with the deal they have worked out, which analysts say could be a trickier proposition. The Prime Minister has said in the past that she would oppose any option that did not provide for a clear-cut break from the EU; if that is not an option presented, analysts say she may have no choice but to call for a general election.