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Brexit Briefing: Debate to Continue for Months Says Former Deputy PM

Brexit Briefing: Debate to Continue for Months Says Former Deputy PM

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • The UK General Election, due on December 12, will not put an end to the Brexit debate, according to former Conservative Deputy Prime Minister Michael Heseltine.
  • In negative comments for GBP, Lord Heseltine argued that a no-deal Brexit is still a looming possibility.

GBP/USD eases as former UK Deputy Prime Minister Heseltine warns of no-deal Brexit

The former UK Deputy Prime Minister Lord Heseltine has waded into the Brexit debate, warning in comments likely to damage Sterling that a no-deal Brexit remains a possibility even if the Conservative Party wins the UK General Election in just over two weeks’ time.

Speaking at a panel event, Heseltine urged life-long Conservative voters to oppose Prime Minister Boris Johnson and back the Liberal Democrats or independent MPs in the upcoming election. He said Johnson was selling voters a “grand delusion” that he could deliver Brexit by the end of January.

Heseltine, who was sacked by the Conservatives, attacked Johnsons pledge to Get Brexit Done by the end of January – and warned that a no-deal was still a looming possibility. He said: It is the great delusion, so effective, get Brexit done; the idea that you can do it in a month, around Christmas.The most you can do, if there were to be a massive Tory majority, is to get through the legislation to enable you to begin the talks about what the future relationship will be.

If the chances rise of a no-deal Brexit, that is likely to be negative for GBP/USD, which continues to trade below the 1.30 resistance level after several attempts to break through it to the upside.

GBP/USD Price Chart, Daily Timeframe (July 5 – November 26, 2019)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

Brexit Glossary - Brexit Jargon and Terms Explained

From a technical perspective, the chart above shows a bearish triple-top formation, which is also negative. However, there is so far no confirmation from EUR/GBP, which continues to meander above support at 0.86, with no sign yet of a break to the upside.

EUR/GBP Price Chart, Daily Timeframe (July 5 – November 26, 2019)

Latest EUR/GBP price chart.

Chart by IG (You can click on it for a larger image)

Brexit Timeline – The Path Ahead

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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