Orbex Market Flash

UK PM Under Pressure As Ministers Threaten To Resign Over "No Deal" Brexit

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Theresa May is holding an emergency cabinet meeting with ministers today as she continues her long struggle to secure a Brexit deal. As ever, the pressure is on for the beleaguered PM.

Three pro-remain cabinet ministers have threatened to resign if May does not take a “no deal” Brexit off the table. Indeed, reports also indicate that others are willing to follow them. Pro-Remain MP’s are pushing for an extension of the current Article 50 deadline of March 29th.

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May has just returned to the UK following the weekend summit in Egypt where she met with several EU leaders. There, she continued to try to deliver a passable solution to the Irish backstop issue plaguing negotiations so far.

Speaking with reporters ministers Richard Harrington, Claire Perry, and Margot James said that a solution “would be greeted with relief by the vast majority of MPs, businesses and their employees.” They fear that a no deal situation risks the UK being “swept over the precipice.”

Currently, reports suggest that May is considering offering parliament another vote. This will be on whether to seek an extension to Article 50 or to press ahead and risk a no deal Brexit. On the other side of the coin, opposition leader Jeremy Corbyn has now announced that he is officially backing a second referendum. This decision finally came after Corbyn refused to comment one way or the other over recent months.

Technical Perspective

GBP is rallying hard today on the prospect of a Brexit extension. Price is currently challenging the 1.3217 level resistance, piercing above the level to post a new 2019 high. Above here, bulls will be looking for a break of the 1.3304 Q3 2018 high to signal a full bullish reversal, targeting completion of the ABCD move into 1.3552.

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