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Another Hung Parliament in the UK?
With less than two days before UK voters head yet again to vote, PM Johnson’s Conservatives hold on to a narrowing lead. Just weeks ago it appeared that Johnson will ride to victory with a double-digit lead over Corbyn’s Labour party, but some polls show the majority slipping away. Memories of 2017 come to mind, then-PM May called early elections in the hope to secure a more sizeable majority. She ended up losing her majority, fast-forward two years, and we may be looking at yet another uncertain outcome.
Another Hung Parliament in the UK?
Little doubt remains that the Conservatives will once again become the most considerable party in the Parliament, but will they win enough seats for a majority? Brexit was stuck, deadlines passed, and the way out was a fresh election where PM Johnson set out to win the few extra seats required for a majority. His message of a united Britain and a way out of Brexit fatigue, with a path forward, was well received by many voters. In two days, we will find out if it was enough for a majority, or if we are back at square one.
Some polls suggest that another hung parliament is a distinct possibility and that Tories will fail to conquer enough seats for a majority. Rebels were expelled from the party, which put the remaining party members in-line and behind the policies of PM Johnson. Failure to secure a majority would not necessarily equal absolute failure, but it would deliver a significant blow to the aspirations of the Tories. A handful of votes short of a majority may lead to Brexit breakthroughs, anything more will jeopardize Brexit.
PM Johnson Stumbles over NHS
Throughout the campaign, Johnson tried to evade the delicate issues over the NHS. With less than two days to go, a reporter confronted Johnson with an image of a four-year-old child, sleeping on the floor of a hospital in Leeds, due to a shortage of beds. Johnson refused to look at the image and seized the phone from the reporter. After he was made aware of what the image was about, he took a look at it. Some fear this stumble may cost a few votes who were on the brink to lean Conservative, but it remains premature to derive to such a conclusion. The NHS needs to be fixed, and Brexit may be the best strategy to accomplish this.
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Corbyn Hated by Voters, Brexit Party a Wild Card
Labour leader Corbyn wasted no time and mentioned this during a speech in Bristol, where he added: “A child with pneumonia, on the floor of a hospital in modern Britain. That is a disgrace. We need to invest in our public services and end austerity.” Corbyn has no ground to stand on, as antisemitism in his party runs deep, starting with him. He apologized for antisemitism by party members but failed to do so during the campaign trail when he had an opportunity to do so.
According to Labour’s Shadow Health Secretary Jon Ashworth, the chances of Corbyn winning are essentially zero. He added that “I’ve been going round these national places, it’s dire for Labour. It’s awful for them and it’s the combination of Corbyn and Brexit. Outside of the city seats, it’s abysmal out there. They can’t stand Corbyn and they think Labour’s blocked Brexit.” Where Johnson stumbled over one issue, it appears the Corbyn has done so on multiple fronts.
Most recent polls show the Conservatives at over 42%, Labour at 33%, and the Brexit Party at 3%. The Liberal Democrats, an anti-Brexit party have slipped to below 13%. How well the Brexit Party will fair in Labour-held constituencies remains a wild card for the outcome of Brexit. Too many moving parts remain, as the clock is ticking down, but another hung parliament remains a possibility not priced into financial markets yet. Irrelevant of the final tally, the British Pound may be in for a period of profit-taking.
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Forex traders seeking a short selling opportunity in the British Pound may take a look at the GBPCHF, the safe-haven status of the Swiss Franc add to the appeal. This currency pair is expected to complete a breakdown below its horizontal resistance area, and correct into its next horizontal support level. The CCI is moving out of extreme overbought conditions, and a correction is anticipated. Open your PaxForex Trading Account today, and join one of the fastest-growing communities in the forex market!
Another safe-haven asset, Silver, is likely to shine in the aftermath of the UK election. Price action dropped into its horizontal support area from where it stabilized, and a breakout is favored to emerge. This should take this precious metal above its secondary descending resistance level, and carry it into its next horizontal resistance level. The CCI remains deep in extreme oversold territory, from where a momentum recovery is expected. Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month!
Forex traders may decide to park some capital in Bitcoin until the post-election volatility fades. BTCUSD emerged as a digital version of Gold and price action moved out of its horizontal support area, as bullish momentum is increasing. A move into its primary descending resistance level is anticipated to follow, which is approaching its horizontal resistance level. The CCI pushed out of extreme oversold conditions and is expected to complete a bullish momentum crossover. Follow the PaxForex Daily Forex Technical Analysis and grow your balance trade-by-trade!