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Cable falls as PM May gets new mandate to renegotiate with the EU

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The British pound fell after UK Parliament passed both the Spellman amendment, which ceremoniously rejects a no-deal Brexit and the Brady amendment, which calls for the planned Irish backstop to be replace by alternative arrangements.  Immediately following the vote, Labour leader Jeremy Corbyn announced he is ready to meet with the Prime Minister.

The EU has been clear that they will not support the Brady and amendment and the only progress that was made is that the PM now needs to pack her bags and go to renegotiate a new deal with Brussels.  An EU spokesman immediately commented that the bloc is ready to consider a Brexit delay.

Cable fell 0.7% following the UK fireworks and tentatively found support around the 200-day SMA, which currently trades at the 1.3049 level.  While a no-deal Brexit could still happen, the market reaction shows that they are still do not believe that it actual will.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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