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Sterling (GBP) Slammed Lower on No Confidence Vote Rumour

Sterling (GBP) Slammed Lower on No Confidence Vote Rumour

Nick Cawley, Strategist

Sterling, Brexit and No Confidence Vote

  • Talk that ‘No Confidence’ vote triggered by UK law makers.
  • UK PM May under pressure to resign.

Q4 Trading Forecasts including USD and GBP.

UK PM May at Risk as ‘No Confidence’ Vote Said to Have Been Triggered

According to one tv channel, 48 letters calling for a vote of ‘No Confidence’ in UK PM May have been handed in to Sir Graham Brady the chair of the influential 1922 Conservative Committee. Rumor all day had swirled that numbers were near the triggering point with Conservative MPs upset with the PM’s Brexit negotiations with the EU.

While no formal announcement has yet to be made and the latest story may still only be rumour, Sterling slumped quickly to a new 18-month low before bouncing back to trade around 1.2540 against the US dollar after having traded at a high of 1.2640 earlier in the session.

GBPUSD Five-Minute Price Chart (December 11, 2018)

Sterling (GBP) Slammed Lower on No Confidence Vote Rumour

Sterling Directionless – Will Meaningful Brexit Vote Take Place.

Brexit Impact on Sterling (GBP).

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

What is your view on GBPUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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