Withdrawing the Withdrawal Agreement

The European Commission called on the British government to withdraw its plan to overwrite parts of the Northern Ireland protocol.

Brexit 7

The European Commission warned the U.K. that "violating the terms of the Withdrawal Agreement would break international law" and called on the British government to withdraw its plan to overwrite parts of the Northern Ireland protocol by the end of the month. However, U.K. cabinet minister Michael Gove said they had made it "perfectly clear" it would not withdraw the bill.

From a technical point of view, on a daily chart, GBP/USD has broken below a rising trend line and stands below its 50-day moving average (in blue). The daily RSI remains within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3255. The nearest support would be set at 1.2490 and a second one would be set at June 28 bottom at 1.2250 in extension.

Source: TradingView, GAIN Capital


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