Forex Analysis & Reviews: 28.03.2019 - Brexit: All the proposed...

28.03.2019 11:45 AM

Brexit: All the proposed scenarios for Brexit failed in Parliament. May is ready to resign

The British pound fell after it became known that according to the results of voting in the British Parliament, no Brexit scenario received the support of the majority.

This scenario, of course, was considered by investors and traders, so the pressure on the pound was limited, and the overall situation remained the same.

Below are the scenarios that were voted on and the ratio of votes:

The British Parliament voted against Brexit disorder with a vote ratio of 400-160.

The Parliament of Great Britain voted against participation in the EU single market with a ratio of votes of 377-65.

The British Parliament voted against participating in the Customs Union with the EU with a vote ratio of 272-264.

The Parliament of Great Britain voted against the abolition of Brexit with a vote ratio of 293-185.

The British Parliament voted against holding a referendum on the Brexit plan with a vote ratio of 295-268.

Given that the further situation with Brexit only continues to worsen, British Prime Minister Theresa May did not go unprecedented, in her opinion, a step and said she was ready to resign. However, there are a number of "buts" that need to be taken into account by parliaments.

Theresa May said she was ready to resign and would not stand in the way of electing new leadership, but on condition that her Brexit agreement would be accepted and approved by Parliament. May told lawmakers that she was aware of the desire to appoint new leadership at the second stage of the Brexit negotiations and that she would not prevent the election of a new leader.

Thus, the situation was not clarified but became even more complicated. We are waiting for the appointment of a new date for the third vote on the Brexit plan from Theresa May, which was blocked this Tuesday.

As for the technical picture of the GBPUSD pair, it remained unchanged. Large support levels and the lower limit of the channel are seen in the area of 1.3160-55, while the upper limit is confidently located near the highs of the week in the area of 1.3255-60.

Yesterday, there were data on the US, which were ignored by the market. According to the report, the current account deficit of the balance of payments in the 4th quarter in the United States. As indicated in the report, the deficit amounted to 134.38 billion US dollars, whereas in the 3rd quarter of 2018, it was at the level of 126.6 billion dollars. Economists had expected a deficit of $ 132.55 billion in the fourth quarter.

The speech of Esther George, President of the Federal Reserve Bank of Kansas City, did not have an impact on the US dollar, although it gave him a small upward impulse against risky assets. George stated that the wait-and-see position of the Central Bank seems appropriate, as downside risks to the US economy are still noticeable.

She expects a slowdown in GDP growth to the corresponding trend, as well as a decrease in employment rates. Despite this, in her opinion, the fundamental economic indicators will remain quite strong.

The representative of the Fed also drew attention to both the positive aspects and the shortcomings in the Fed's new approach to monetary policy.

As for the technical picture of the EURUSD pair, neither the bulls nor the bears managed to change the situation yesterday. Trading in the side channel with a break of resistance 1.1270 will give an upward impulse to the trading instrument, which will lead to a test of highs of 1.1300 and 1.1330. If the bears continue to control the market and keep the pair below the resistance of 1.1300, pressure on risky assets will increase, which will lead to the breakdown of the level of 1.1240 and the update of new local minima near 1.1205 and 1.1170.

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*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

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Fundamental analysis

Jakub Novak,
Especialista em análise na InstaForex
© 2007-2025

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