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GBPUSD Rudderless as PM May Loses Control of Brexit

GBPUSD Rudderless as PM May Loses Control of Brexit

Nick Cawley, Senior Strategist


What's on this page

GBP Price, News and Brexit Latest

  • MPs vote to take control of Brexit – Will PM May listen?
  • Sterling slips lower, but losses are limited for now.

Q1 2019 GBP Forecast and USD Top Trading Opportunities

Brexit Latest – Indicative Votes to be put to the House of Commons on Wednesday

MPs agreed last night to allow a series of indicative votes to be put before Parliament on Wednesday, opening the way for a potential soft Brexit. PM May lost the vote, and with it control of the Brexit process, after 30 Conservative MPs defied the whip and voted for the cross-party amendments by 329 to 302.MPs will now try and find a consensus on leaving the EU although the government has already said that they would not feel duty bound to any result, clouding the process further. Options that appear likely include a soft Brexit (Norway+), a second referendum or unilaterally revoking Article 50, while other political pundits are now saying that the chances of a General Election have increased as MPs tire of the PMs behavior.

Sterling moved lower in early trade, but losses remain limited and within recent trading ranges. While a no-deal Brexit is becoming less likely, the ongoing political drama is pushing some investors to the sidelines until the outlook becomes clearer. GBPUSD appears to have short-term support around 1.3150-13170 while trend support from the start of the year remains intact and kicks-in around 1.3075.

GBP Fundamental Forecast: And the Brexit Band Played On.

GBPUSD Daily Price Chart (July 2018 – March 26, 2019)

British Pound Volatility Continues and a Break is Inevitable.

Retail traders are 50.2% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however currently suggest a mixed GBPUSD bias.

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 Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at or via Twitter @nickcawley1.

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