Breaking News: GBP/USD free-falls below 1.3100, uptrend channel, as May rejects the EU's proposals


UK Prime Minister Theresa May says she will never agree to separate Northern Ireland from the UK. She also rejects the UK staying in the EU Single Market. The PM says that it is not acceptable at this stage of the negotiations to only reject proposals and not offer anything. She repeated her stance that no deal is better than a bad deal and that the UK is getting ready for a no-deal Brexit.

May finishes her statement by stressing that she will not overturn the referendum results and will not tear up her country. 

Here is another quote:

We are at an impasse...We need to hear from the EU what the real issues are so we can discuss them...Until we do we cannot discuss them.

I have treated the EU with nothing but respect

The GBP/USD is extending its falls below 1.3100. Support is seen at 1.3045, followed by the round number of 1.3045. The low so far is 1.3079. The pair breaks below the uptrend channel that characterized its trading in recent days.

Here is how it looks on the 15-minute chart. Click on the image to see a live GBP/USD graph:

GBPUSD falls on May's rejection of the EU

Rumors about a statement by May were circling throughout the morning and already weighed on cable and sent it towards 1.3200. The confirmation of a special announcement already pushed the pair to below 1.3150.

The BBC had reported that May will say she is not changing tack on her Brexit stance. The EU rejected the British Government's Chequers proposal in the Salzburg Summit. The British newspapers portrayed the rejection of the UK's proposals as a humiliation, adding fuel to the fire. 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs to 10-day highs above 1.0700

EUR/USD climbs to 10-day highs above 1.0700

EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.

EUR/USD News

GBP/USD extends recovery beyond 1.2400 on broad USD weakness

GBP/USD extends recovery beyond 1.2400 on broad USD weakness

GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally. 

GBP/USD News

Gold struggles around $2,325 despite broad US Dollar’s weakness

Gold struggles around $2,325 despite broad US Dollar’s weakness

Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.

Gold News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

Read more

Germany’s economic come back

Germany’s economic come back

Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.

Read more

Forex MAJORS

Cryptocurrencies

Signatures