Breaking: GBP/USD crashes toward 1.2200 as Johnson may block parliament until October 14th

Yohay Elam FXStreet

The BBC's Nick Robinson has tweeted that the Queen may be asked to prorogue parliament as early as today per request of prime minister Boris Johnson. The media outlet's political editor Laura Kussenberg has added that a Queen's speech may be held on October 14th, giving the opposition little time to organize. The move will be confirmed at the privy council at Balmoral later today.

While the move would allow the House of Commons to discuss an accord reached with the EU at a planned summit on October 17-18, it would paralyze any attempt by the opposition parties to preemptively block a no-deal Brexit.

GBP/USD has dropped from near 1.2300 to a low of 1.2218. Support is seen at 1.2210. Resistance awaits at 1.2295.

GBP USD falling on reports of proroguing parliament

Parliament returns on September 3 and many expect a showdown between Johnson's government and the opposition – including rebel members of his own Conservative Party.

Opposition members agreed to attempt to stop Brexit via legislation on Tuesday. They may attempt to accelerate their plans.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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