The British pound is higher today against most major currencies as the upper house of parliament, known as the House of Lords begins debating the Article 50 bill today, with some predicting they will demand amendments to the Brexit plan.
If some amendments are called for, the pound is expected to come under pressure as a cloud of uncertainty once again hovers over the triggering of Article 50, and it may not happen by the end of March as Theresa may has promised.
The main sticking point at the moment for the House of Lords is the protection of EU citizens currently in the UK after the country breaks with the EU.
“The Article 50 debate in the Lords could be more interesting than expected. It does seem that there is a bit more of a push for amendments,” said Societe Generale FX strategist Alvin Tan.
“The regularity of such updates would be the most interesting element for currency markets”, he added.
Former British Prime minister Tony Blair also caused some volatility in the currency markets while trying to rally support from the UK public on the possibility that Britain could still remain in the EU.
He noted in a speech that the public was misled about the deal and had they known what they know now, the result may be different,
“People voted without knowledge of the true terms of Brexit. As these terms become clear, it is their right to change their mind. Our mission is to persuade them to do so,” Mr Blair said.