Defeat for the government
The UK lawmakers have defeated the government motion to reaffirm support for PM May's plan to seek changes to her Brexit deal by a vote of 303 to 258.
A loss by May is thought to be to the credibility of May in talks with the EU. May has warned that it could undermine her.
Corbyn says:
- No support for the govt
- The government cannot continue to run down the clock and hope that something saves the day.
- May should bring forward a coherent plan
- Wants May to come to the dispatch and admit her strategy has failed.
The GBPUSD has dipped modestly on the vote (rebounding back to the original levels.
Looking at the 5-minute chart below, the price has rebounded to the 38.2% of the day's range and the 100 bar MA (blue line). That is a ho-hum correction. If the GBPUSD is to squeeze higherr, gettting and staying above the 100 bar MA and the 38.2% will be eyed. The midpoint of the day is at 1.28245. The 200 bar MA is at 1.2832.
Remember that on the downside, the pair stallled at a trend line on the 4-hour chart at 1.2772 and that trend line remains a key level to get below now.
