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Pound Tumbles 1% In Weekend Markets After Brexit Vote Delayed

Courtesy of ZeroHedge View original post here.

With Boris Johnson's plan to pass the Brexit vote this weekend unexpectedly rejected, after the Prime Minister was once again let down by a Parliamentary majority demanding the vote be delayed, cable has predictably tumbled, and after spiking as high as 1.2967 on Friday amid rampant speculation that a passage of the Brexit deal was virtually assured, which prompted a violent short squeeze, moments ago UK spread betting company IG noted that cable has tumbled over 120 pips…

… sliding as low as 1.2809/1.2839 in weekend trading.

Boris now has until midnight to request an extension as per S. 1(4) of the Benn act: https://t.co/PnafvvSd5M#GBPUSD 12836 -1.02%#IGWeekendMarkets

— IGSquawk (@IGSquawk) October 19, 2019

Ironically, with pound positioning having been massively short until very recently, when a historic squeeze flipped the net speculator balance bullish in recent days, absent a viable resolution and some clear path forward that does not involve a legal challenge, the odds of a no deal Brexit hitting on Oct 31 are once again all too real, and the result will be a violent reversal as shorts once again flood the pair…

… sending cable sharply lower when trading resumes late on Sunday.


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