GBPUSD Sells Off As May Prioritizes Greater U.K. Sovereignty
British Pound lost more than 0.7% on Monday after a gap down following remarks by U.K. Prime Minister Theresa May that showed her priorities on regaining control of immigration and lawmaking rather than remaining in Europe’s single market.
In the first televised interview of the year 2017, May stated that leaving the European Union will be about “getting the right relationship, not about keeping bits of membership” and that “We are not going to be a member of the EU any longer, so the question is what is the right relationship for the U.K. to have with the European Union when we are outside,”
While her counterparts in the EU have warned PM May that membership of the tariff-free single market requires maintaining free movement of goods, services, capital and labor, her comments on Sunday seemed to focus on greater sovereignty for the U.K. Investors are still cautiously waiting for the Supreme Court to make its decision on what part parliament will play in Brexit negotiations.
Sell Stop at 1.21900, Take profit at 1.21500, Stop loss at 1.22100