Daily GBP/EUR 13th November

Theresa May’s efforts to secure a Brexit deal by the end of March have suffered a setback after it emerged that UK and European Union negotiators were struggling to bridge the gap over the Irish border backstop in time for a November summit.

The prime minister was forced to sat that “significant” issues remained despite talks that went on until the early hours of Monday morning. Unless there is dramatic progress by the end of Wednesday, the exit timetable will become increasingly squeezed.

Cabinet members, who had been expecting to sign off the final Brexit negotiating position on Tuesday, were told that the issue would hardly be discussed at the meeting beyond an update of the UK’s preparedness for no deal.

Negotiators stayed up until 2.45am on Monday in pursuit of a breakthrough that did not come as the EU made a series of last-minute demands by attaching fresh conditions to the customs backstop, which is designed to come into force if no long-term free trade deal can be signed by the end of 2020.

For anyone looking to convert GBP into EURO's you need to be aware what moves in the rate are possible over the next 48 hours. This year has seen the GBP/EUR exchange rate fluctuate between €1.10 and 1.15 and many are expecting rates to could break through either side of these rates in the days or weeks depending on the outcome of the negotiations.

Currently the GBP/EUR rate is struggling to move higher than €1.15 and won't move substantially higher until an official announcement is made on Brexit. For anyone with pending exchanges that is holding on to see if the rate will move higher than €1.15, you need to be aware that this won't happen until after an announcement is made on Brexit and by waiting until there is one means you are also taking on the risk of a no deal been announced and thus possibly seeing the rate drop drastically. Initial moves could easily see the rate move from current €1.1480's level to €1.12's or lower. At the same time if a deal is announced then we could easily move towards the €1.18's.

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