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Become a client    FAQ    Current rates

No Deal — hard Brexit becomes more likely!

It happened. 432 members of parliament voted against Prime Minister May's Brexit deal with the EU. Only 202 votes were counted for the deal.
 
Since there is no viable concept for further negotiation, an uncontrolled exit could now be the likely option. In addition to the lost vote, Theresa May also has to submit a vote of no confidence, with observers assuming that she will survive this vote.
 
But what are the possible consequences of a hard Brexit for the currency markets?
 
Yesterday the EUR/USD fell to $ 1.1388 , but was then able to hold up surprisingly well and is currently still hovering around the $ 1.14 mark. Above all, the EU's reaction to the outcome of yesterday's decision could be decisive for the further course of the EUR/USD. The next major resistance here is $ 1,1456, with next support at $ 1,1382.
 
The GBP/USD currency pair is particularly affected by extreme volatility around the event. Yesterday evening, the pound initially fell below the support range of $ 1.27 before quickly rebounding to $ 1.2890 following the announcement of the voting results. On Wednesday morning, the Cable is listed above the support area at $ 1.2810. As long as this remains, is to rake with a re-test of the $ 1.29 mark. The next major resistance is in the $ 1.2930 range. However, we sustainably broken support at $ 1.2810, opening up potential down to $ 1.27

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