Breaking: GBP/USD leaps to 1.2800 as May poised to allow free vote on second referendum

Yohay Elam FXStreet

May proposed a free vote on a second EU referendum and her offer sparked a massive backlash from Brexiteers, according to a report from Bloomberg.

Sources in the government said the PM was ready to put not only the option of another public vote but also a customs union but was forced to back down when several pro-Brexit ministers rejected it and said it was unacceptable. Transport Minister Chris Grayling was reportedly on the verge of quitting. Some suggested the PM was ready to give anything and everything to Labour.

Supporting her was Chancellor of the Exchequer Phillip Hammond.

GBP/USD jumps over 1.2800 after hitting a low of 1.2685 earlier in the day. The currency pair jumped to 1.2813 before retreating. It is unclear if May is able to muster a majority.

Here is how the move looks on the GBP/USD four-hour chart. Cable is not within oversold territory anymore. UK PM Theresa May speaks now.

GBP USD technical chart May ready for second referendum

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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