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Brexit: Hardliner Steve Baker announced his support – chances to pass are rising

Yohay Elam FXStreet

Steve Baker, one of the staunch Brexiteers and part of the European Research Group (ERG) in the Conservative Party, has announced he will vote for the Brexit deal. His support may convince other "Spartans" to back Prime Minister Boris Johnson.

Support from the ERG comes despite a rejection from the Democratic Unionist Party (DUP). The small Northern Irish party rejects the accord reached with the EU due to the customs on the Irish Sea and a new consent mechanism that strips them from their veto.

The PM has been working hard to convince MPs from both his party and the opposition Labour Party.

The vote may be complicated by an amendment that will be tabled by Sir Oliver Letwin.

GBP/USD closed the trading week at 1.2973, closer to the peak of 1.2989 when the accord was announced. A Sunday gap is all but certain, regardless of the outcome.

See: Brexit: Four scenarios and GBP/USD reactions as the deal reaches parliament

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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Brexit: Hardliner Steve Baker announced his support – chances to pass are rising

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