Technical Analysis

The EU isn’t happy with Theresa May today

You could say it isn’t going well

Theresa May today said Brexit may never happen if her deal is rejected and that a deal could lead to a second referendum.

A week of talks with the EU seemingly went nowhere but will continue into the weekend.

“Next week MPs in Westminster face a crucial choice: Whether to back the Brexit deal or to reject it,” she said. “Back it and the UK will leave the European Union. Reject it and no one knows what will happen. We may not leave the EU for many months, we may leave without the protections that the deal provides. We may never leave at all.”

What irked Brussels was May asking to give more.

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Here is a theory: Corbyn wants this Brexit deal done. His official position about wanting a
2nd referendum is a smokescreen to appeal to Remain voters later. It gives
cover to a few dozen of his MPs who are in Leave districts to vote with
May while he retains the high ground with Remain voters.

If it unfolds that way it would be a big boost for the pound but I don’t think Labour is going to make the move until they’re sure that a May has enough votes to get it over the line.

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