Brexit: MPs reveal emergency plan to stop no-deal exit on April 12th, GBP/USD stabilizes

Yohay Elam FXStreet

Labour Member of Parliament Yvette Cooper presented a bill that would stop a no-deal Brexit. In cooperation with Conservative MP Sir Oliver Letwin, she explained that under the bill, PM Theresa May would have to seek an extension to Article 50.

The bill will be discussed in a quick procedure on Thursday, April 4th. In addition, the House of Commons will also hold additional Indicative Votes on the same day. Should the bill be approved, it will pass quickly to the House of Lords for quick approval.

The moves amid reports that May would prefer a no-deal Brexit and not postpone Brexit. GBP/USD was on the back foot amid these reports and is now stabilizing above 1.30.

Support for cable is seen at 1.2980 and 1.2960. Resistance is at 1.3115.

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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