Technical Talk GBP/USD 09-10-2019

DUP rejects EU concession on time-limited Irish backstop – GBP/USD pressuredOur preference: short positions below 1.2260 with targets at 1.2195 & 1.2170 in extension.Alternative scenario: above 1.2260 look for further upside with 1.2290 & 1.2300 as targets.

Comment:

The Northern Irish Democratic Unionist Party (DUP) has rejected the EU’s concession on Brexit. The bloc has reportedly offered to allow the assembly in Stormont to unilaterally revoke the Irish backstop.
However, according to a report in The Times, it would require both communities in the conflicted province to agree.

Sammy Wilson, the DUP’s Brexit spokesman, said:

It will go nowhere. The Govt in Westminster will not accept it, we will not accept it, I don’t think anyone who looks at it with any kind of objectivity at all will say it’s an improved offer

Prime Minister Boris Johnson’s Conservative Party relies on the DUP and the PM’s original proposal received the small party’s backing.The rejection may undermine the chances of the EU’s idea to serve as the basis for a deal.

 

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