Tuesday at 6:50 GMT
Sterling plunges as Brexit vote is cancelled
The GB Pound FX rate was already looking vulnerable in the run in to the previously scheduled vote in Parliament today on the Prime Minister May’s Brexit deal.
However, the cancellation/ postponement of this vote saw the Pound sell off aggressive early across major G10 currencies, with GBPUSD sending a particularly negative technical signal.
The GBPUSD plunge Monday through key 1.2661/ 58 supports sets the threat still lower into December.
Theresa May is going back to the EU to try to renegotiate the deal, but potential political developments may not allow her time to do so, with growing risks for a Conservative Party leadership challenge, a vote of no confidence in the Government, or a proposal for a second referendum on EU membership.
See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/sterling-plunges-as-brexit-vote-is-cancelled/