Breaking: GBP/USD falls below 1.2600 as May announces delay of the vote, is called to quit
UK Prime Minister Theresa May confirmed the deference of the vote in the House of Commons on the Brexit vote. She admitted that there is no majority. She said she will go back to emergency talks in Brussels, to secure assurances.
Opposition leader Jeremy Corbyn criticized the government and called May and the government to resign. He said there will be no point in bringing the same deal to parliament again.
Speaker of the House Bercow explains the procedure to delay the vote.
GBP/USD hit a new low below 1.2600. Here is how it looks on the chart. 1.2500 is the next line of support. Sterling is trading at the lowest levels since April 2017. The low at the time of writing is 1.2506.
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GBP/USD dropped sharply earlier in the day after reports came out about a delay in the vote. Cable fell to a low of 1.2605, the lowest since June 2017.
The government faced defeat on the accord that PM May reached with the European Union. The Irish backstop has been the main sticking point for both hardline members of the Conservative Party as well as the Democratic Unionist Party (DUP) of Northern Ireland, on which the Tories rely for support in the House of Commons.
Irish Taoiseach (PM) Leo Varadkar said the deal could not be renegotiated. European officials in Brussels echoed these words.
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.
