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Sterling fell before the vote to delay Brexit from the European Union

2019-03-14 08:23 am | Resource: News | No Views : 25



 The pound was traded in the red zone on Thursday, where the British parliament is due to vote on whether to extend Article 50 and postpone the withdrawal for three months, so that it can be negotiated. Yesterday, MPs rejected Britain's exit from the European Union. Prime Minister Teresa Mae reiterated that MPs must vote for the deal, deciding to reject the non-agreement scenario.

British MPs pass amendments to reject Britain's exit from the European Union

Britain's parliament on Wednesday approved an amendment by MP Caroline Spielman to rule out a scenario in which the United Kingdom left the European Union without a withdrawal agreement and a framework for a future relationship. The amendment, approved by a vote of 312 to 308, would replace the government's main proposal, also designed to put Britain out of the deal. The vote also represents a new blow to Prime Minister Teresa Mae after yesterday's defeat of the withdrawal agreement.

Before the vote, MP Spielman expressed her desire not to move the amendment because of its similarity to the main proposal of the government and because the fact that the word against the word is the same as the House approved in January. However, Speaker of the House of Representatives John Berko refused to prevent the vote from being held since his joint signing, Labor MP Evit Cooper, in the end to the amendment proposal. Cooper explained her decision by saying that "it is useful for the House of Representatives to have the opportunity to vote for a simpler and clearer proposal" than the proposal submitted by the Government.

However, the Spelman amendment will not completely rule out a result without a deal because it is not binding and does not provide the government with any official instructions.

Hammond: EU may insist on extending longer

"The EU indicates that only if we have an agreement will it be ready to give us a short technical extension," British Finance Minister Philip Hammond told Sky News on Thursday. "If we do not have an agreement, the EU may insist on a much longer extension period."

He warned that "the House of Commons must find consensus on something other than the prime minister's agreement," adding that there is "an increasing pool of support" for the agreement reached by Teresa Mai. The minister said he hoped that "despite the current process," which he described as "not quite smooth," the UK "will reach an agreement that allows us to leave the EU in an orderly manner" with a close partnership with the bloc in the future.

Yesterday, the British Parliament approved an amendment submitted by MP Caroline Spielman to exclude a scenario in which the United Kingdom graduated from the European Union without a withdrawal agreement and framework for a future relationship, after the rejection of the British exit agreement from the Prime Minister for the second time the day before.

GBP Trades
 
  • Compared to the euro, the pound lost 0.37% at 8:36 am CET, trading 1.17300 euros after hitting its highest level since May 2017 yesterday.
  • The British currency fell 0.42% against the US dollar, reaching $ 1.32850 at 8:37 CET.
  • The Pound was down against the Swiss Franc similarly, by 0.39% at 8:38 am and selling at 1.33379.
  • The pound rose against the Japanese yen by 0.27%, with the pair trading at 148.66 at the same time
  • Against the Australian Dollar, the Pound was up 0.28% at 1.8841.


Other analysis

Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 18 March 2019

Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term. the USD/JPY was able to hold steady at 111.12 to rebound slightly to 111.90 as it faces some selling pressure around this level , but it is still above the Bollinger’s moving average line. In view of the technical indicators Both the RSI and Stochastic are indicators to weakness of the indicators.…

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