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GBPUSD Price Slumps Further on Brexit & PM May Exit Shambles

GBPUSD Price Slumps Further on Brexit & PM May Exit Shambles

2019-05-23 07:47:00
Nick Cawley, Strategist

British Pound (GBP) Price, Chart and Analysis

  • Leader of the House Leadsom resigns over Brexit bill shambles.
  • UK PM refused to meet senior members of her cabinet

Q2 2019 GBP and USD Forecasts andTop Trading Opportunities

GBPUSD Slumps to a Fresh 2019 Low – Eyes sub-1.2600

UK PM Theresa May seemingly refuses to leave No.10 or even countenance her resignation, making a mockery of the UK and slamming Sterling in the foreign exchange markets. The respected Leader of the House Andrea Leadsom resigned last night over PM May’s latest Brexit bill, sparking fears of further resignations that would leave PM May totally isolated. Some newspapers are also running stories saying that PM May refused to meet three senior Conservative ministers Wednesday who had demanded talks over the ‘new deal’.

There are renewed rumors that UK PM May will resign tomorrow (Friday), yet nothing can be taken for granted. It is also said that the 1922 Committee has given PM May until Friday to tender her resignation or they will reveal the result of a secret vote taken Wednesday. The result of the vote, on whether to allow another vote of no confidence – is sealed.

GBPUSD Hammered on Brexit Backlash – Is This the End for UK PM May?

While Brexit isn’t new and has long been factored into the price of Sterling, the latest political shambles could leave Sterling adrift as investors abandon the British Pound. GBPUSD is now touching 1.2600, the lowest level since early January, and could conceivable make a run at the January 2 ‘spike low’ at 1.2435. There seems little in the way of support for GBPUSD, although the CCI indicator does show the pair as being oversold. The chart shows that there are now 15 bear candles in a row – excluding May 12 weekend candle – and this adds to the belief that GBPUSD may snap back if - and it’s a big if - PM May tenders her resignation shortly, removing at least one layer of political risk.

GBPUSD Daily Price Chart (August 2018 – May 23, 2019)

GBPUSD Price Slumps Further on Brexit & PM May Exit Shambles

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.