Breaking: GBP/USD tumbles down on UK election rumors

Yohay Elam FXStreet

There are robust rumors in London that Prime Minister Boris Johnson is about to call a snap election. Julian Smith, the Northern Ireland minister, has entered 10 Downing Street and said that all options are on the cards and there are differing views.

Laura Kuessenberg, the BBC's political editor, has entered 10 Downing Street, reportedly for a hastily arranged interview with the PM.

Other reporters are suggesting that Johnson will address parliament around 17:00 GMT and make an official announcement. It would take parliament's approval to call elections, and there are various legal paths to do so.

The opposition may reject a fresh poll – or at least hold back – until the EU grants an extension to Article 50. Brexit will likely be delayed by three months, to January 31, 2020, but other reports suggest France wants a shorter prolongation.

GBP/USD is extending its falls, already completing a near 200-pip climbdown from the highs.

Here is how the move looks on the 15-minute chart:

GBP USD falling on election rumors October 24 2019

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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