{"id":148496,"date":"2019-05-27T10:15:23","date_gmt":"2019-05-27T14:15:23","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=148496"},"modified":"2019-05-30T07:01:03","modified_gmt":"2019-05-30T11:01:03","slug":"uk-political-turmoil-deepens-as-pm-quits-brexit-party-gains-in-mep-elections","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/uk-political-turmoil-deepens-as-pm-quits-brexit-party-gains-in-mep-elections\/","title":{"rendered":"UK Political Turmoil Deepens As PM Quits & Brexit Party Gains In MEP Elections"},"content":{"rendered":"
May 27, 2019<\/div>
\r\n<\/div><\/div>

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

May Admits Defeat<\/strong><\/h2>\n

Theresa May announced on Friday that she would be stepping down as Prime Minister on June 7th<\/sup>. During a tearful speech, delivered outside No 10 Downing Street, the battle-weary PM said \u201cI have done my best\u2026 It is, and will always remain, a matter of deep regret to me that I have not been able to deliver Brexit\u201d.<\/p>\n

May said that she will stay on as PM while the Conservative party holds a leadership context beginning June 7th.<\/sup>\u00a0They hope to have a new PM in place by the end of July.<\/p>\n

In a show of clear emotion of her departure, May said:<\/p>\n

\u201cI will shortly leave the job that it has been the honor of my life to hold \u2013 the second female Prime Minister but certainly not the last\u2026 I do so with no ill-will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love.\u201d<\/p><\/blockquote>\n

Boris Johnson The Favourite To Takeover<\/strong><\/h2>\n

As yet, the predictions for who will take over from May have centered around Boris Johnson. Speaking to reporters following May\u2019s departure, Johnson confirmed that he will run for Conservative Party leader. He thanked May for her \u201cvery dignified statement\u201d saying: \u201cThank you for your stoical service to our country and the Conservative Party\u2026 It is now time to follow her urgings: to\u00a0come together and deliver Brexit<\/a>.\u201d<\/p>\n

Corbyn Criticises May<\/strong><\/h2>\n

The reaction from May\u2019s political opponent Jeremy Corbyn was much less gracious. He told reporters May was \u201cright\u201d to quit. He further said \u201cShe has now accepted what the country has known for months: she cannot govern, and nor can her divided and disintegrating party,\u201d<\/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

No Deal Brexit?<\/strong><\/h2>\n

Johnson was a key player in the push for the Brexit referendum in 2016 and has been notoriously anti-EU since his days as a reporter in the mid-90s. Indeed, Johnson famously retired his position as a member of May\u2019s cabinet last year in protest at, what he called, her \u201csurrender\u201d over Brexit. A Boris Johnson led-government could be far more likely to press ahead with a no deal Brexit, just to get Brexit done. This could have serious negative repercussions for GBP and the UK economy.<\/p>\n

MEP Elections Display Growing Political Dissatisfaction<\/strong><\/h2>\n

In the MEP elections held last week,<\/a>\u00a0Nigel Farage\u2019s Brexit party stormed ahead to take more seats than the two main parties. The initial results show that out of 64 MEPs declared so far, Farage\u2019s party has won 28, the Lib Dems 15, Labour 10, Greens 7, the Tories 3 and Plaid Cymru 1.<\/p>\n

Speaking with reporters, Farage said \u201cWith a big, simple message \u2013 which is we\u2019ve been badly let down by two parties who have broken their promises \u2013 we have topped the poll in a fairly dramatic style.<\/p>\n

\u201cThe two-party system now serves nothing but itself. I think they are an obstruction to the modernizing of politics\u2026 and we are going to take them on.\u201d<\/p>\n

Uncertainty Elevated Again<\/strong><\/h2>\n

The results once again highlight the growing dissatisfaction among UK voters, as evidenced recently by equally surprising results in the UK local elections. This dissatisfaction is creating uncertainty among investors as the UK political stalemate continues, though the tide seems to once again be shifting in favor of achieving Brexit.<\/p>\n

Technical Perspective<\/strong><\/h2>\n

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

The sell-off in GBPUSD found support at a test of the 1.2760 structural support and bearish channel low. For now, focus remains on a continuation lower and ant retest of the 1.2802\u20131.2866 level is likely to find resistance, keeping the bear channel intact as price moves back toward the 1.2484 level.<\/p>\n

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

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

By Orbex May Admits Defeat Theresa May announced on Friday that she would be stepping down as Prime Minister on June 7th. During a tearful speech, delivered outside No 10 Downing Street, the battle-weary PM said \u201cI have done my best\u2026 It is, and will always remain, a matter of deep regret to me that […]<\/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-148496","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148496","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=148496"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148496\/revisions"}],"predecessor-version":[{"id":148500,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/148496\/revisions\/148500"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=148496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=148496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=148496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}