We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
Brexit Latest: PM May to Offer Departure Date or Face No Confidence Vote

Brexit Latest: PM May to Offer Departure Date or Face No Confidence Vote

2019-05-16 09:30:00
Justin McQueen, Analyst
Share:

GBP Analysis and Talking Points

  • Theresa May’s Departure Nears
  • No Confidence Vote in June if Resignation Not Announced

See the DailyFXQ2 FX forecast to learn what will drive the currency throughout the quarter.

GBPUSD Price Outlook: Risk of Bearish Breakdown

The End of May is Near

Today will see Theresa May meet with the 1922 Committee, where she faces two options. 1) Set her own departure (which the PM has refused to do so far) or 2) See the 1922 Committee set a departure date set for her. The 1922 Committee will meet with Theresa May at 11:30BST with a private Committee meeting scheduled straight after.

As markets continue to price in the risk of a collapse in cross party talks, the Pound is trading at 3-month lows against the greenback (full story). Alongside this, after a poor showing at the local elections, the Conservative Party is expected to face further humiliation in the upcoming EU elections averaging 4th in the opinion polling since the local elections. As such, a weak display will continue to mount the pressure on the Prime Minister to resign.

Brexit Latest: PM May to Offer Departure Date or Face No Confidence Vote

Source: DailyFX, ComRes, Observers, BMG Research, Survation, YouGov, Opinium

Last Roll of the Dice

Theresa May will attempt for a 4th time to get the withdrawal agreement through parliament on the first week of June, however, unless there is a breakthrough in cross-party talks, which doesn’t appear to be the case the deal looks set to fail once again, which may well see the Prime Minister announce her resignation.

No Confidence Vote in June if Resignation Not Announced

If Theresa May does not succumb to the mounting calls for her to resign it is possible that the PM could face a no confidence vote providing the 1922 Committee changes the party rules to leaderships. As a reminder, last month saw the committee vote 9-7 in not changing the party rules, however, with little progress made on the Brexit front, the committee may change those rules today, which in turn raises the likelihood that Theresa May could face a leadership contest.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.