Up and down for the GBP
The GBPUSD is being pushed and pulled on Brexit concerns and joins the emery throng of currency moves that are political rather than strictly economic. For better or for worse, welcome to trading by geo-politics.
So, the Supreme Court has ruled that PM Johnson's prorogation of UK Parliament was unlawful. So what's next for the GBP?
- Election - The Tories are ahead in the polls= GBP negative
- No confidence vote - GBP positive (then negative when election is outcome)
- Deal with EU - GBP positive
- No deal outcome - GBP negative
Latest word is that the UK Gov't will make a quick push for an election vote this Thursday. However, the election vote most likely won't work unless Johnson agrees to a Brexit extension. Here we are, right back in a mess.
GBPUSD above 100 EMA on 1 hour chart at present.
