Brexit Update Corbyn Submits Symbolic NoConfidence Motion
Another week, another Brexit speech from UK PM Theresa May to a skeptical Parliament.
In comments to the House of Commons earlier today, May said that staging a second referendum "would say to millions who trusted in democracy that our democracy does not deliver” and that such a vote would exacerbate divisions rather than heal them. She also stated that the postponed “meaningful vote” on the Brexit deal would take place the week of January 14.
For Labour Party leader Jeremy Corbyn, that’s not soon enough. After May’s speech, Corbyn submitted a motion of no-confidence in May. Unlike last week’s no-confidence vote on the government, Corbyn’s motion to vote on confidence in confidence in May as an individual has no power to force another election and is largely seen as a symbolic gesture.
In other words, the minority political party doesn’t like how the majority party is governing…and we’re still no closer to Brexit progress than we were at the start of last week. Debate on May’s proposed deal is scheduled to resume when Parliament returns from Christmas recess the week of January 7th.
Technical View: GBP/USD
For its part, cable has bounced off last week’s lows but is still definitively in a short-term (and long-term) downtrend. As we go to press, the pair is consolidating just above the June 2017 low at 1.2590, but the recent bearish channel is likely to reassert itself soon. It will take (at least) a break above last week’s high at 1.2686 to give bulls a glimmer of hope, and even then, it will be hard for sterling to rally meaningfully until there’s more clarity on Brexit.
Source: TradingView, FOREX.com
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.
FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.
GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.
© FOREX.COM 2026