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- The GBP/USD is trading down back in the middle of the old range in 1.2800s as plan B for Brexit is unlikely to surprise.
- The UK Prime Minister Theresa May is expected to present Plan B in the House of Commons on Monday with a new plan being reportedly pretty much the same as the original.
The GBP/USD is trading little changed on the downside at around mid 1.2800s after the weekend political debates of Prime Minister May with political opponents failed. The UK Prime Minister is expected to deliver Plan B for Brexit in House of Commons later on Monday, with media reporting that the new plan is unlikely to be much different from the original agreement that failed to pass the parliament in a crushing defeat last week.
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It looking increasingly likely that some kind of extension to Brexit process is necessary even with the UK government stubbornly claiming that the original date of leaving the European Union on March 29 this year is still in place.
After failing on domestic front with reaching a cross-party agreement over the weekend, the most likely scenario for Brexit is that the UK Prime Minister May travels to Brussels and tries again to rework the Brexit agreement, especially regarding the issue of Irish border backstop.
There is hope for the Brussels to be willing for changes as German Chancellor Angela Merkel said over the weekend that it is the responsibility of the European Union to get the Brexit right.
The technical outlook fancies the downside for the GBP/USD that has broke away from the long-term downtrend last week rising towards 1.3000 after the UK Prime Minister May survived a no-confidence vote Wednesday last week. The correction mode on GBP/USD is underlined by the upmove exhaustion with the technical oscillators also pointing downwards. The Slow Stochastic made a bearish crossover within the Overbought territory indicating further downside potential to build up with the GBP/USD returning to the old range of 1.2800-1.2900.
While 1.2800 is a short-term target on the downside for GBP/USD, the pair needs to break back below the trendline at 1.2750 to extend the downside towards 1.2610. On the upside, the 1.2900 and 1.2990 remain the immediate targets.
GBP/USD daily chart
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.