Orbex Market Flash

Pressure Mounts For Second Brexit Referendum

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Theresa May is due to address the House of Commons later today for the first time since last week’s fateful EU summit. May flew to Brussels in a last-minute bid to meet with European leaders to try and gain “extra assurances” on issues such as the Irish backstop, ahead of returning her deal to Parliament.

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May Clashes With Juncker

However, the trip was not a fruitful one, and May’s visit was not received warmly, especially by EC president Jean Claude-Juncker who told May that there could be “no more room” for negotiations. The EU summit ultimately ended in an argument between May and Juncker regarding whether Juncker had described the UK PM’s Brexit stance as “nebulous.”

MP’s Calling For Second Referendum

May is under increasing political pressure at home as more and more MP’s are joining the call for a second referendum or at least for Parliament to be able to vote on options to proceed should May’s deal fail. Ex-UK PM Tony Blair has been grabbing headlines this week, making his own trip to Brussels, to brief European leaders on the potential for a second referendum.

May Slams Tony Blair As Undemocratic

Commenting on the move, May said:

 “For Tony Blair to go to Brussels and seek to undermine our negotiations by advocating for a second referendum is an insult to the office he once held and the people he once served… We cannot, as he would, abdicate responsibility for this decision… Parliament has a democratic duty to deliver what the British people voted for.”

Technical Perspective

gbpusd

Sentiment remains very heavy among GBPUSD traders. After crashing down through the 1.2693 level support last week, price has since retested the level from the underside, finding resistance. With the bearish channel from 2018 highs intact, focus remains on a move down to deeper support at the 1.2139 level.

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