Sterling on the back-foot on Brexit developments? - UOB

Analysts at UOB Group explained that GBP has turned weaker, following the latest development – the last important domestic hurdle to Brexit has been cleared. 

Key Quotes:

"The House of Lords has just voted a couple of hours ago to pass the European Union (Notice of Withdrawal) Bill, after the House of Commons voted to take out the amendments and to send it back to the upper house. Word is that The Queen may have the European Union (Notification of Withdrawal) Bill to sign over breakfast (Tuesday morning local time), known as the royal assent. 

This means that PM May will be ready to invoke Article 50, and to start two years of negotiation over Britain’s departure from the EU. Her spokesman has indicated that this would probably be in the last week of this month. There are rumours that the delay – perhaps until 27 March – was linked to the decision of Scotland’s first minister. 

Nicola Sturgeon announced she would begin proceedings to initiate a second referendum on independence sometime between fall next year and spring 2019. Sturgeon argued the language of partnership from the UK had “gone completely” when it came to Scotland’s views on Britain’s divorce from the EU."