In the last several days, anyone who has been within a trade with the U.S. dollar and British Pound pair may have been feeling a little on edge, as the spike in the market and complex fundamental announcements have caused quite a turn in the market with a rather huge candle size after United Kingdom cabinet members Esther McVey and Dominic Raab have resigned.
Developments surrounding Brexit, the nickname for Britain’s exit from the European Union, have caused spikes within the market for the Pound (GBP) during the last two years. Waking up Thursday on a two-hour chart, the Pound crashed against the dollar (USD) and all other currency pairs. If you were within a sell in these trades you might have gained your luck. The other side being on a buy might have started their day a little disgruntled.
Theresa May, the Prime Minister of the United Kingdom and leader of the Conservative party since 2016, was hit with a large curve ball when UK Pension Secretary McVey and Brexit Secretary Raab left a five-hour-long cabinet meeting. McVey said upon resignation, “We have gone from no deal is better than a bad deal, to any deal is better than no deal.”
Theresa May’s 12-point Brexit plan:
