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GBPUSD Hammered on Brexit Blacklash - Is This the End for UK PM May?

GBPUSD Hammered on Brexit Blacklash - Is This the End for UK PM May?

Nick Cawley, Strategist

British Pound (GBP)

  • GBPUSD hitting fresh Five-month low.
  • UK PM May could be ousted later if rumors are true.
  • One Minister is reported to have said, ‘it’s over…she’s done’.

Q2 2019 GBP and USD Forecasts andTop Trading Opportunities

*** Market Alert – Full Story to Follow ***

GBPUSD Slumps to a 2019 Low

Politics can be a cruel place and Theresa May’s time as UK Prime Minister is said to be up, if the constant barrage of tweets, reports and rumors are to be believed. It is being said that senior ministers are gathering to ouster the Prime Minister, while the 1922 Conservative Committee meet later today when the daggers may appear.

Some of the Current Tweets

  • Minister: “it’s over. You may not see the result today but it’s happened. You might have to wait till Friday for the podium but she’s done – Harry Cole, dep political editor Mail on Sunday
  • Cab source tells me some in cabinet furious with May. Told what was agreed in room was not what she set out. Unhappy about promises on 2nd ref. Mundell into see PM (h/t @PaulBrandITV). My source reckons rule change coming, party about to move. “We’ve reached the tipping point’
  • Cabinet Minister - “things moving fast. If we don’t act 1922 will make their move later this evening”. Also told Mundel will raise issue of her future.
  • David Mundell is going to see the PM later this afternoon - several other Cabinet sources saying now they can’t see the PM lasting beyond Monday - others believe she will
  • More significant are plans for a group of Brexit-backing Cabinet ministers to see the PM this afternoon. One cabinet source says: "If you don't do it today, she's safe for two weeks."
  • I am told the reason @DavidMundellDCT is furious with the PM and has asked to see her is that her apparent openness to a another Brexit referendum is seen by him as a betrayal, because it would open the door to and legitimise another referendum on Scottish independence – Robert Peston

GBPUSD is believing the current round of rumors - for now - and has fallen to its lowest level since January 2 this year.

DailyFX analyst Justin McQueen on GBPUSD earlier today – Risk of Sterling Flash Crash Trendline Support

DailyFX analyst Mahmoud Alkudsi’s prescient GBPJPY article on May 16 – Further Bearish Momentum Hints at 139.00

GBPUSD Daily Price Chart (December 2018 – May 22, 2019)

GBPUSD Hammered on Brexit Blacklash - Is This the End for UK PM May?

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.