Breaking: Johnson loses second vote, GBP/USD crashes, Brexit likely delayed

Yohay Elam FXStreet

The government has lost the second vote by 320 to 308 after winning beforehand. Parliament has voted to take its time and have a long debate.

UK Prime Minister Boris Johnson has announced that he will continue talking to EU leaders. Moreover, he said that the legislative process will be paused. Parliament wants to amend it. He did not mention October 31 as the Brexit date.

GBP/USD has dropped to 1.2877 and struggles with 1.29. Choppy trading continues.

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The second vote is the program motion – pushing all Brexit legislation within three days, so that the UK can leave the EU by October 31. The government threatened it would abandon further procedures and call elections if it fails in the second vote.

GBP/USD hit a high of 1.30 after the first vote but dropped sharply below 1.29. High volatility is set to continue.

Several minutes ago, UK Prime Minister Boris Johnson enjoyed a major victory. His Brexit deal passed the first hurdle of legislation by a whopping majority of 30.

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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