The British pound sold-off in early trading on Sunday on reports that British authorities are preparing for a second Scottish independence referendum. The official ZeroHedge Twitter account tweeted the news at approximately 5:52 p.m. EST on Sunday:
U.K. SAID TO PREPARE FOR NEW SCOTTISH INDEPENDENCE VOTE: TIMES
— zerohedge (@zerohedge) February 26, 2017
The Tweet was in reference to an article by the Sunday Times, which claims that Nicola Sturgeon had a private meeting with the Scottish National Party to talk about a second referendum.
According to the Sunday Times, a call for a vote on a second referendum will be made next month, after the UK triggers Article 50 of the EU Treaty, which formally initiates Britain's exit from the EU.
Once the news spread, the pound sold-off close to 0.6% to a 9-day low of 1.23926 vs. the U.S. dollar:
Many prominent British news outlets - Independent and Daily Mail - reported last week on the very real possibility of a new Scottish independence vote due to the knock-on economic effects of a ‘hard’ Brexit, but all those reports speculated that the referendum could come sometime next year, not in a month.
Pounds photo by jo.sau
Did you find this article informative/helpful? If so, please support Razor-Forex with a small cryptocurrency donation here.
