{"id":144436,"date":"2019-03-26T11:12:51","date_gmt":"2019-03-26T15:12:51","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=144436"},"modified":"2019-03-26T11:12:51","modified_gmt":"2019-03-26T15:12:51","slug":"uk-government-suffers-another-historic-defeat","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/uk-government-suffers-another-historic-defeat\/","title":{"rendered":"UK Government Suffers Another Historic Defeat"},"content":{"rendered":"
March 26, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

In the Market Insights video yesterday, I spoke about how\u00a0fluid and volatile<\/strong>\u00a0the ongoing\u00a0Brexit process<\/strong>\u00a0is. And yesterday we were served another reminder as\u00a0MP\u2019s voted to take control of the Brexit process.<\/strong><\/p>\n

The UK House of Commons voted yesterday evening with a result of 329 \u2013 302 in favor of taking control of the parliamentary process around\u00a0Brexit<\/a>\u00a0away from Theresa May. The vote once again highlights just how\u00a0fractured the UK political landscape<\/strong>\u00a0is becoming. Three Remain MPs quit their roles so they could join the cross-party movement for a longer Brexit delay.<\/p>\n

Indicative Votes<\/strong><\/h2>\n

Following yet another\u00a0historic defeat<\/a>\u00a0for the government,<\/strong>\u00a0parliament will now get the chance to\u00a0vote on what type of Brexit\u00a0<\/strong>they will back. These \u201cindicative votes\u201d as they\u2019re being called, will allow MPs to effectively indicate what type of next steps they will back. This could be a longer delay to Brexit, a much softer Brexit,\u00a0or a second referendum<\/strong><\/p>\n

However, May has made it clear that she is adamantly against any drive for a second referendum. She feels this stands against the wishes of the public displayed in the 2016 referendum and the 2017 general election.<\/p>\n

Ministers Quit Their Jobs Over Brexit Direction<\/strong><\/h2>\n

The\u00a0ministers who quit their roles<\/strong>\u00a0in order to stand against the government are Richard Harrington, Steve Brine, and Alastair Burt. In his resignation letter, Harrington explained:<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\u201cAt this critical moment in our country\u2019s history, I regret that the government\u2019s approach to Brexit is playing roulette with the lives and livelihoods of the vast majority of people in this country who are employed by or otherwise depend on businesses for their livelihood. Further, as the UK\u2019s industry minister, the clear message I have been receiving from the business community is that the failure to secure a deal and to rule out a hard Brexit is resulting in canceled investment decisions, business being placed abroad, and a sense of ridicule for British business, across the world.\u201d<\/p><\/blockquote>\n

Despite the growing opposition and increasing pressure, however,\u00a0May made it clear that she won\u2019t be held to ransom<\/strong>\u00a0by MPs saying:<\/p>\n

\u201cNo government could give a blank cheque to commit to an outcome without knowing what it is. So I cannot commit to delivering the outcome of any votes held by this house. But I do commit to engaging constructively with this process.\u201d<\/p><\/blockquote>\n

Technical Perspective: Topside Pressure Still Alive in GBPUSD<\/strong><\/h2>\n

\"gbpusd\"<\/a><\/p>\n

So you can see on the GBPUSD H4 chart just how stagnated price has become over the last month as traders await a resolution to this Brexit saga. It is worth noting, however, that bias does still seem to be to the upside. Price is moving in a broad rising triangle formation, putting pressure on the mid 1.33 highs. These have been tested twice now since the start of the year.<\/p>\n

For now, an upside break is still the preferred option. However, if we see a break of the rising trend line and the structural support level at 1.2962, this view will be negated. Traders should keep an eye on forthcoming parliamentary votes this week which will likely provide the catalyst for the next move.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex In the Market Insights video yesterday, I spoke about how\u00a0fluid and volatile\u00a0the ongoing\u00a0Brexit process\u00a0is. And yesterday we were served another reminder as\u00a0MP\u2019s voted to take control of the Brexit process. The UK House of Commons voted yesterday evening with a result of 329 \u2013 302 in favor of taking control of the parliamentary […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-144436","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=144436"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144436\/revisions"}],"predecessor-version":[{"id":144444,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144436\/revisions\/144444"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=144436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=144436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=144436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}