A tipping point has been reached. UK citizens are so sick of Brexit delays, they just want Prime Minister Boris Johnson to get it over with. The ComRes survey for The Telegraph found that 54% of British adults think Parliament should be prorogued to prevent MPs from stopping a no-deal Brexit. The poll suggested the Prime Minister is more in tune with the public’s views on Brexit than MPs, following his promise to deliver Brexit by October 31 “do or die.”
Boris Johnson has hit out at what he described as a “terrible collaboration” between MPs and the EU trying to block Brexit, as he refused to rule out shutting down parliament and holding a general election after leaving on 31 October. The Prime Minister tells a live event on Facebook that standoff makes no-deal Brexit more likely.
Brussels has so far refused to give any ground to Prime Minister Johnson on Brexit, but Government sources said that the EU had not reopened negotiations because it was waiting to see if Remainer rebels would act. They have not. The markets are sitting at the bottom of the abyss. News Forecasters has already said that “that when push comes to shove, Prime Minister Johnson will cut a deal with the EU, though perhaps marginally better than his predecessor. Some will call it Brexit medium-light but, Boris will be able to raise his hands and declared victory.” This is looking more and more doubtful, but for now, News Forecasters will continue to hold this view.
News Forecasters’ outlook on the GBPUSD trade is one of two possibilities. The first is this Brexit deal, even if light, does occur with the EU. This will spark a sharp rally immediately. If in fact, a hard no-deal Brexit deal occurs, this could set off new selling in the GBPUSD currency. Just how low can it go (perhaps 1.10 to 1.15 to the Dollar)? On a technical basis, the GBPUSD is in a downtrend in a downward sloping wedge. This is a bearish pattern. Get your helmets on.
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