The dramatical event looms large for Pound, which can sweep the British currency off its feet – the official exit from the EU. The Prime Minister Theresa May said that the process can be initiated as close as possible to the EU summit in Brussels, scheduled to take place on 9-10 March.
The House of Commons has already approved the bill, and after consideration by the House of Lords and vote in March, the country will declare their independence. Undoubtedly, this a dangerous factor for the Pound, as the full scale of decline is unknown. Another important event that is coming up in early March – the publication of the Finance Minister Philip Hammond plan for the countries budget, which will be analysed by investors on the size of the fiscal intervention in the economy. This could potentially weaken or strengthen the pound.
The next target for the Pound in the upcoming week – decrease to 1.2390 level – important low reached in the middle of this week.
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