Breaking: GBP/USD falls below 1.3200 as UK Parliament Speaker disallows repeating same Brexit vote

Yohay Elam FXStreet

UK Parliament Speaker John Bercow says the government may not bring the same Brexit deal to another vote unless there is a change. He quotes a convention dating back to 1604. He says the rules are necessary to ensure sensible use of Parliament's time. He adds that the government cannot legitimately put substantially the same deal back to the House.

The government will have to find another route. One option is that they receive some changes from the EU, and bring the amended accord to the House. It was surprised exactly as markets were on this ruling by Bercow. The Brexit situation is fluid. Update: Bercow says it is not necessarily his last word on the subject, adding to the confusion.

GBP/USD is falling below 1.3200, the lowest since March 13th. The trough so far has been 1.3184.

GBP USD technical chart Bercow March 18 2019

The government planned to bring the same revised Brexit deal that was defeated last week to another vote this week, hoping to muster enough support. The EU Council is set to approve an extension to Article 50 on Thursday.

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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