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Pound falls as UK government looks to stop parliament efforts to block no-deal Brexit


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Cable slipped from 1.2270 to a low of 1.2220


ForexLive

  • Brexit: Parliament to be suspended as early as today?
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It’s going to be a massive row in parliament on 3 September next week.
It looks almost certain that No. 10 has already initiated plans to delay parliamentary proceedings for about five weeks now. In essence, that kills off any efforts for opposition parties to stop a no-deal Brexit by legislation – if we do come to that.
As it stands, the UK parliament will still return on 3 September but are likely to only stay in session for about a week before the next recess period kicks in until the Queen’s speech on 14 October. That hugely limits the timeline for parliament to stop a no-deal.
According to reports, this plan was only made known to a handful of lawmakers and the rest will be briefed at a privy council set to be held later today.
The pound has taken a knock with cable slipping from 1.2270 levels to a low of 1.2220 back under the 100-hour MA (red line) @ 1.2243. Stay below that and sellers will regain some control of the pair once again in the near-term.

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