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GBP/USD – Rallies on softening Brexit prospects

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Will May’s speech break the impasse?

The next stage in the Brexit saga began on Tuesday evening as May appealed to the opposition leader to engage in talks to break the impasse.

It’s still not clear whether we’re seeing a genuine attempt to find a solution that can win the support of a majority of MPs or if this is more political games to alleviate the pressure on the government and make the opposition look uncooperative, or even obstructive, in their attempts to force an election. I guess we’ll see just how much both sides truly want to find a workable solution in the coming days.

GBPUSD Daily Chart

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Still, the move from May has resonated well in the markets, as she once again voiced her opposition to no-deal, something Parliament can actually agree with her on. A long extension now looks almost inevitable, although as ever in the Brexit process, if there’s one thing we can be confident about it’s that no one really knows what will happen next.

Perhaps the fear of a soft Brexit will win over some remaining hard-liners and May will try her hand at one more vote on her deal. I wouldn’t put anything past her at this stage. We have one week to go until the emergency EU summit and a week is a very long time in Brexit.

Source – OANDA Brexit Overview

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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