GBP/JPY slumps below 140 after lawmakers reject PM Johnson's Brexit timetable
- UK parliament approved PM Johnson's Brexit deal as expected.
- Lawmakers voted against the government's Brexit timetable in the second vote.
- British Pound is weakening against its major rivals.
In a widely expected outcome, British lawmakers approved Prime Minister Boris Johnson's proposed Brexit deal, 329 vs. 299, to the European Union (EU). In the second vote on the "programme motion," which is the timetable set by the government to conclude Brexit by the end of the week.
Brexit timetable rejected
With the initial reaction, the British Pound came under strong selling pressure and the GBP/JPY slumped below the 140 mark. As of writing, the pair was trading at 140.01, down 0.53% on a daily basis.
Commenting on the rejection of the timetable, PM Johnson said they now must accelerate no-deal Brexit preparations. "Timetable would've guaranteed that the UK could leave on October 31 with a deal," PM Johnson noted. "One way or another we will leave the EU with this deal."
Markets are now waiting to see what the government's next step is going to be.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
