May Presents Deal in Commons on Tuesday/Wednesday
Theresa May will come to blows with parliament for the third time in a bid to reverse last week’s disappointing defeat.
The British PM did not receive the support she needed from Commons in the latest two “meaningful” votes. Therefore, she has called for a final show of hands. She now has until Monday 10 PM London time to decide whether the vote will take place on Tuesday. Otherwise, it will move to Wednesday.
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Despite May not being pleased with losing twice, she did leverage her amended deal from a 230 defeat, down to 149. She now hopes to get the numbers and travel to Brussels to request an extension. We will all have to hold our breath until a new approach provides further guidance.
May Must Secure Legal Changes to Irish Backstop
A last-minute attempt from PM May to win over the DUP’s 10 MPs as well as several skeptical Tory Brexiteers is keeping talks alive.
Although farmers and businesspeople in Northern Ireland are urging the DUP to support May’s agreement, setbacks from 75 rebel Tories still weigh down on it.
Former foreign secretary Boris Johnson insisted that unless May secures legal changes to the legal backstop, he will not back her deal. Johnson called on May to delay the vote and seek amendments in the Irish backstop. However, Brussels is granting no room for maneuvers. Other MPs are demanding that the UK’s PM quit right away, not even offering her another chance.
Corbyn to Support May ONLY if Deal is Put to Public Vote
While Britain is getting closer to extending the Brexit deadline, opposition leader Jeremy Corbyn is declaring that he is ready to back May’s deal. However, Corbyn will only whip MPs after the UK PM announces she is putting the deal on a public vote.
Meanwhile, Labour MPs have made it clear that May loses, they will table another no-confidence vote.
GBPUSD Nears End of ABCDE Correction?
With $1.3224 holding firm, the possibilities of cable remaining somewhat bullish increase. Following a potential breakout outside the descending corrective triangle, prices could head towards wave (v) above $1.34 psychological level. This is supported by a bullish divergence on both RSI and MACD indicators.
A break below $1.32 would invalidate the impulse wave, and prices could head towards $1.30 psychological mark. However, neither price action, nor structural formations hint a bearish continuation.
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