GBP/USD drops to fresh 1-week lows near 1.3030 as Brexit deal vote for tomorrow is confirmed
|- Pound falls across the board after the latest Brexit headlines.
- On Friday the UK Parliament will vote for May’s deal, without the political declaration.
The GBP/USD pair dropped further and bottomed at 1.3032, following the confirmation that the House of Commons will vote tomorrow on a Brexit deal. The new motion covers the withdrawal agreement and not the part that sets on the future relationship. The Leader of the House, Andrea Leadsom, confirmed Friday’s motion is tabled. She mentioned that the Government wants to avoid taking part in European elections and that the purpose of the motion is to meet the requirements for an extension of Article 50.
The pound lost ground across the board after the confirmations reaching fresh lows. It is among the worst performers of the day. Brexit and UK political uncertainty continue to weigh on the pound. The debate tomorrow at the UK Parliament will end at 14:30 GMT.
Ahead of tomorrow’s vote, Cable is falling today, breaking a 3-day trading range around 1.3200. From a technical perspective, the bearish pressure will likely intensify if price remains around current levels. To the downside, the next key levels stand at 1.3000 followed by 1.2960 (March low).
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