{"id":154830,"date":"2019-09-05T12:15:16","date_gmt":"2019-09-05T16:15:16","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=154830"},"modified":"2019-09-05T11:40:11","modified_gmt":"2019-09-05T15:40:11","slug":"pound-roars-back-to-life-as-johnson-loses-control-of-brexit","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/pound-roars-back-to-life-as-johnson-loses-control-of-brexit\/","title":{"rendered":"Pound roars back to life as Johnson loses control of Brexit"},"content":{"rendered":"<div id=\"inves-3052252363\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 5, 2019<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Lukman Otunuga, Research Analyst, <\/strong><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\"><strong>ForexTime<\/strong><\/a><\/p>\n<div class=\"article-body\">\n<div class=\"field-body\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<ul>\n<li><em>GBPUSD rebounds from 3-year low to move above $1.23<\/em><\/li>\n<li><em>UK House of Commons showdown keeps investors on high alert <\/em><\/li>\n<li><em>Boris Johnson set to address nation on Thursday <\/em><\/li>\n<\/ul>\n<p>The dramatic Brexit showdown in Parliament is certainly keeping investors on their toes and injecting Sterling with explosive levels of volatility.<\/p>\n<p>It seems everyone wants a piece of the British Pound after a series of parliamentary votes sabotaged UK Prime Minister Boris Johnson\u2019s attempt to push through a no-deal Brexit on October 31. The currency blasted above $1.23 against the Dollar on Thursday and is set to push higher as Johnson\u2019s triple Commons defeat soothes some fears over Britain crashing out of the EU with no deal in place. However, the upside is poised to face numerous obstacles down the road, especially if a snap election takes place in the next few weeks which could result in Johnson gaining a larger majority.<\/p>\n<p>Given how the Pound remains extremely sensitive to political and Brexit developments, more action will be on the cards this afternoon as Johnson will \u201cspeak directly to the public, setting out the vital choices that faces our country\u201d, as said by a Number 10 spokesman.<\/p>\n<p>Another critical part of the intricate Brexit equation will be how the European Union responds to another Brexit delay. EU officials have stated that the latest Brexit negotiations are going nowhere as the UK has not yet presented any \u201cconcrete proposal\u201d to replace the Irish backstop. If Brussels simply refuses Johnson\u2019s request for a third extension to Britain\u2019s EU membership, fears of a no-deal Brexit will return with a vengeance, ultimately punishing Sterling.<\/p>\n<p>Taking a look at the technical picture, the Pound is regaining its confidence against the Dollar and other G10 currencies on Thursday. The GBPUSD is staging an incredible rebound on the daily charts with prices trading around 1.2330 as of writing.<\/p>\n<p>While a solid daily close above 1.2300 is seen opening the doors towards 1.2380 and 1.2450, the outlook will be heavily influenced by Brexit drama and UK politics. Should prices fail to break above 1.2380, a move back towards 1.2300 and 1.2250 will be on the table.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.forextime.com\/images\/maa\/gbpusddaily_607.png\" alt=\"\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><em><strong>Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"https:\/\/www.countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\" rel=\"noopener noreferrer\">www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Lukman Otunuga, Research Analyst, ForexTime GBPUSD rebounds from 3-year low to move above $1.23 UK House of Commons showdown keeps investors on high alert Boris Johnson set to address nation on Thursday The dramatic Brexit showdown in Parliament is certainly keeping investors on their toes and injecting Sterling with explosive levels of volatility. It [&hellip;]<\/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-154830","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154830","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=154830"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154830\/revisions"}],"predecessor-version":[{"id":154841,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/154830\/revisions\/154841"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=154830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=154830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=154830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}