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GBP Gains After PM May's Brexit Plan-B Statement

GBP Gains After PM May's Brexit Plan-B Statement

Rich Dvorak, Analyst

Talking Points:

  • PM Theresa May lists Parliament’s three key issues over Brexit that need to change
  • Critics of the Prime Minister argue that nothing is different from the deal that faced a historic defeat last week
  • Pound gains as PM May remains adamantly against second referendum and hard Brexit

British Prime Minister Theresa May just laid out her statement on Brexit “Plan B” following the historic defeat of her deal Parliament voted on last week. The leader of the UK government stated in her speech that her focus “continues to be on what is needed to secure the support of this House in favor of a deal with the EU” after winning the no-confidence vote faced after the Brexit deal was shot down. PM May acknowledged that after her Brexit deal failed to pass, the government’s approach had to change and has since been working with a variety of political leaders of the House of Commons aiming to gain additional support for a deal.

Take a look at IG’s real-time Client Sentiment tracker to see the bullish and bearish biases of traders.

PM Theresa May has been working with constituents over the last week to gain support for a deal to avoid a hard Brexit and plans on traveling to Brussels to negotiate with the EU for further concessions. The Prime Minister stated that there are 3 main areas that needs to change in order to gain Parliament’s support: the government’s “flexible, open and inclusive” approach to engaging Parliament regarding negotiations with the EU, the implementation of “the strongest possible protections on workers’ rights in the environment” and most importantly delivering the assurance of no hard border in Northern Ireland.

The PM states she will continue talks to improve her deal over the next week before the House of Commons set deadline on January 29 to vote over the Brexit bill and amendments. Some opponents are arguing for the extension of Article 50 which states that the UK is set to officially sever itself from the EU on March 29 of this year. However, PM May counters that the EU is unlikely to agree to an extension without a plan for approving a deal.

The Prime Minister continued that she does not believe that there is a majority in Parliament for a second referendum, elaborating that she has “deep concerns” over the British returning to the voting polls over Brexit as it would set a “difficult precedent that could have significant implications.” PM May concluded that she believes progress can be made over the issues facing the Northern Ireland backstop.

The GBP continued its ascent following her speech as the decreased likelihood of a no-deal Brexit or a second referendum renewed positive sentiment for the Pound Sterling.

GBP/USD CURRENCY PRICE CHART: 5-MINUTE TIMEFRAME (JANUARY 21, 2019 INTRADAY)

GBP USD Currency Price Chart January 21, 2019 Brexit

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Written by Rich Dvorak, Junior Analyst for DailyFX

Follow on Twitter @RichDvorakFX

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