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The Prime Minister is currently meeting with the leader of Labour Jeremy Corbyn in Parliament to discuss possible preventive measures in order to restrict the possibility of Brexit without a trade deal. It has been widely speculated in various media outlets all day today, that Theresa May is becoming increasingly willing to compromise on her deal to prevent this worst-case scenario.
On the other hand, last week right before the pivotal third vote on the deal in Parliament, Jeremy Corbyn seemed quite circumspect to support it because of Theresa May's trickery.
As you may recall after her second defeat, House Speaker John Bercow ruled out a decision that Theresa May will not be able to request a third vote, without altering the underlying proposal. Therefore, she decided to bypass this obstacle by splitting the deal into parts.
She decided to present only half of her deal to the House of Commons, or in other words, the legally binding withdrawal treaty, while keeping away the other part containing the non-binding political declaration on the intended future relationships with the bloc.
As a result, her major opponents in the face of Corbyn's Labour and the North Irish Democratic Unionist Party (DUP) did not back May in her third attempt, due to the lack of clarity regarding the future relationship between the UK and the EU.
Conversely, for May and Corbyn to meet somewhere in the middle, May would have to ease up on her demands and reaffirm the seriousness of her proposal, without being vague about any minute detail.
As a result of these recent developments, the GBPUSD currency pair has appreciated with 0.76% in the last three trading sessions, rising from 1.30344 on the 29th of March to 1.31332 on the 2nd of April. This movement amounts to a total of 98 pips.
GBPUSD 1H Chart. Image source: Trendsharks ©, created with TradingView.com
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