 |
| Credits to Traders Asset |
On Friday, the Great Britain pound had a zigzag movement in the Asian session but started declining in the late European session after the UK Prime Minister Theresa May failed once again to persuade the Parliament to vote in favor of her Brexit plans. There were also numerous economic reports published on Friday. However, the market was fixated on the Brexit vote. After opening at 1.3045, the GBP/USD pair hit a low of 1.3002, before reversing to hit a high of 1.3135. However, the currency pair was unable to consolidate and shifted again to touch a low of 1.2978 before ending the day at 1.3030.
May’s Brexit deal voted down for the third time
May tabled in Parliament a toned-down version of the Brexit Withdrawal Agreement on Friday, but the exit plan was again voted down by MPs. While the final date for Brexit has been delayed until April 12th, it implies that British lawmakers only have a fortnight left to engineer a strategy to prevent a no-deal scenario, which exists as the default. Shortly following the vote, Donald Tusk, President of the European Council, appealed for an EU emergency conference on April 10th to evaluate the exit of Britain from the EU.
May’s exit plans were voted down three times in a deeply polarized Parliament, even though the magnitude of each rout has been declining. Friday denoted the recent defeat, with a 58-vote margin, as the Brexit fiasco is rumbling amid an increasing political impasse.
Post a Comment