Breaking: GBP/USD jumps on ECJ opinion that the UK can revoke Article 50 unilaterally

Yohay Elam FXStreet

The General Advocate for the European Court of Justice published an opinion in which he said that the UK could unilaterally revoke Article 50. While this is not a binding ruling, these opinions turn into decisions more often than not.

The ruling provides hope for British supporters of remaining in the European Union. Some aspire to reverse Brexit if the withdrawal agreement that UK PM Theresa May reached is rejected by Parliament. The vote is due on December 11th.

The PM said she is focused on passing the Brexit deal and that a rejection by Parliament will cause uncertainty, without specifying which path the government will take in case of the House of Commons voting it down. Fears of a no-deal Brexit weighed on the Pound. The opinion opens the door to undoing Brexit, albeit this decision will reverse the results of the EU Referendum from June 2016.

GBP/USD is jumping above 1.2750 and reached a high of 1.2786. Resistance is seen at 1.2840, followed by 1.2910. Support awaits at the round number of 1.2700.

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.

AUD/USD stays bid above 0.7100 on Australian trade data, Mideast optimism

AUD/USD clings to minor recovery gains above 0.7100 in the Asian session on Thursday as a new Israel-Lebanon ceasefire keeps a lid on the safe-haven US Dollar. Meanwhile, strong AustralianTrade Balane data also help the Aussie pair sustain the bounce from weekly lows.

USD/JPY hovers near the 160.00 intervention threshold on Mideast tensions

USD/JPY struggles to find acceptance above 160.00 and retreats from a one-month high in the Asian session on Thursday amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, a new Israel-Lebanon ceasefire caps the US Dollar and supports the currency pair. However, renewed US-Iran tensions keep the downside limited in the Greenback and the pair.

Gold defends 200-day SMA; upside seems capped on Iran uncertainty

Gold recovers from a one-week low near $4,425, or the 200-day SMA, in the Asian session on Thursday, as news of an Israel-Lebanon ceasefire acts as a headwind for the safe-haven US Dollar. However, renewed hostilities in the Gulf, along with stalled US-Iran peace talks, keep geopolitical risks in play and should support the USD, checking the Gold price rebound.

Bitcoin drops below $65K amid reinforced bear market signals

Bitcoin dipped further below $65,000 on Wednesday, with onchain data from Glassnode signaling a market firmly in a bear phase. The decline has pushed prices back into a key valuation range between the Realized Price and the True Market Mean. Glassnode noted that a key shift in market structure has also emerged.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.