Never miss a story from Daniel Dubrovsky

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Daniel Dubrovsky

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

GBP/USD, Brexit Talking Points

  • GBP/USD tumbles, the UK Parliament rejects Brexit alternatives again
  • Votes are non-binding, UK still risks crashing out of the EU on April 12
  • Sterling is eyeing the critical rising trend line from December as support

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in theDailyFX Webinars. We’d love to have you along.

The British Pound tumbled almost 0.7% (see chart below) after the UK House of Commons voted and rejected all motions for alternative Brexit arrangements Monday evening. This followed a similar round of voting in Parliament last week where no single substitute to UK Prime Minister Theresa May’s divorce deal managed to gather a majority. Her withdrawal deal has been rejected three times.

Arrangements that were put on the floor today that failed to receive enough ‘aye’ votes included the UK staying in the customs union, the single market, or a second referendum. Following the results, lawmaker Nick Boles quit the current government lead by Mrs May after his alternative plan for Brexit, a Norwegian-style arrangement that incorporates being in the single market, was rejected.

As a reminder, these votes are non-binding which means that by default, the UK will have to leave the European Union after the unconditional withdrawal deadline was extended to April 12th. This is despite MPs voting largely in favor of crashing out of the EU without a deal of any sort. The Prime Minister is running out of time as the risks of a ‘no deal’ have increased and calls for another general election are simmering.

GBP/USD 15-Minute Chart Reaction to Brexit Latest

GBPUSD Eyes Support as UK Parliament Rejects Brexit Alternatives

Chart Created in TradingView

GBP/USD Technical Analysis

On the daily chart below, GBP/USD finds itself sitting right above a critical rising trend line from December. It is running out of room to consolidate in between that in a falling range of resistance from its peak in March. Clearing support does entail passing through a range between 1.3012 and 1.2952 which has held up at this point. You can follow me on Twitter for the latest updates on GBP/USD and Brexit here at @ddubrovskyFX.

GBP/USD Daily Chart

GBPUSD Eyes Support as UK Parliament Rejects Brexit Alternatives

Chart Created in TradingView

British Pound Dollar Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter