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Brexit Latest: Sterling Weakens as MPs Demand Full Legal Brexit Disclosure

Brexit Latest: Sterling Weakens as MPs Demand Full Legal Brexit Disclosure

2018-12-03 11:00:00
Nick Cawley, Strategist
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Sterling (GBP) and Brexit Talking Points:

  • PM May faces legal challenge ahead of a pivotal week.
  • Sterling gives back early gains and remains weak.

The DailyFX Q4GBP Forecast is available to download.

MPs Demand Full Legal Brexit Disclosure from PM May

As we head into a pivotal week for PM May and her Brexit deal, MPs from both sides of the House are demanding that the government publish the full legal text of her Brexit deal and not the abridged version on offer. The MPs fear that the full version will show that the UK may not be able to leave the custom’s backstop, leaving the UK trapped in a custom union with the EU and unable to make its own trade agreements. The Attorney General is expected to release a summary of the legal advice shortly and this may then trigger contempt proceedings from Labour who say that PM May is bound by a recent House of Commons vote to publish any legal advice in full.

And if Parliament does reject PM May’s Brexit deal – and this is the most likely outcome at the moment - then the only options open to the UK are ‘no deal or no Brexit’ according to European Council President Donald Tusk, who said that the current EU offer on the table is the best deal possible and is not up for change.

Recent Brexit/Sterling Articles:

GBPUSD: Current Brexit Deal Won’t Pass Through Parliament.

Brexit Impact on Sterling: How the Pound May Move After Parliamentary Vote.

GBPUSD has given back all its early gains and is now nudging into negative territory for the session. GBPUSD had earlier traded above 1.2800 on the back of a weak US dollar but UK politics are now taking control of the pair. We released our Weekly Technical Outlook for Sterling at the weekend and sentiment and technical levels all remain the same.

GBPUSD Daily Price Chart (May - December 3, 2018)

Brexit Latest: Sterling Weakens as MPs Demand Full Legal Brexit Disclosure

IG Client Sentiment data show how retail traders are positioned in a wide range of financial markets and how daily and weekly changes help form trading bias.

Traders may be interested in two of our trading guides, especially in times of volatilityTraits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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