Cable Falls As PM May Gets New Mandate To Renegotiate With EU

The British pound fell after U.K. Parliament passed both the Spellman amendment, which ceremoniously rejects a no-deal Brexit and the Brady amendment, which calls for the planned Irish backstop to be replaced by alternative arrangements. Immediately following the vote, Labour leader Jeremy Corbyn announced he is ready to meet with the Prime Minister.

The EU has been clear that they will not support the Brady and amendment and the only progress that was made is that the PM now needs to pack her bags and go to renegotiate a new deal with Brussels. An EU spokesman immediately commented that the bloc is ready to consider a Brexit delay.

Cable fell 0.7% following the U.K. fireworks and tentatively found support around the 200-day SMA, which currently trades at the 1.3049 level. While a no-deal Brexit could still happen, the market reaction shows that they still do not believe that it actually will.

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