GBP/USD on the defensive near 1.3150 ahead of UK's Brexit Plan B vote
|- Renewed Brexit optimism on UK PM May not ruling out re-opening Brexit negotiations, USD weakness lend support.
- Cable to retest 1.3220 on the UK Parliament vote on Brexit Plan B amendments?
The GBP/USD pair keeps its range trade intact around the midpoint of the 1.31 handle, as we progress towards the London markets, with the UK Parliament vote on Brexit Plan B amendments likely to headline.
UK Parliamentary vote on Brexit Plan B – Key
The markets have switched to the wait and see mode and refrain from placing any directional bets on the Pound ahead of the key vote. However, with the UK PM May not ruling out re-opening the Brexit negotiations with the European Union (EU), the buoyant tone around the GBP remains intact.
Valeria Bednarik, Chief Analyst at FXStreet noted: “The UK is running against the clock to clinch a Brexit deal, with the UK Parliament scheduled to meet again this Tuesday, to discover a series of amendments proposed by lawmakers, in an attempt to reach a satisfactory deal. Hopes now center on the possibility of limiting in time an Irish backstop, and/or extending the departure date, at the moment set for March 29.”
Meanwhile, subdued trading activity seen around the US dollar across its main peers also helps keep the downside limited. The greenback remains on the back foot amid expectations of a dovish Fed and a drop in the US CB consumer confidence. The Conference Board Consumer Confidence Index is likely to decline to 124.9 in January from 128.1 in December.
GBP/USD Technical Levels
GBP/USD
Overview:
Today Last Price: 1.3153
Today Daily change: -10 pips
Today Daily change %: -0.08%
Today Daily Open: 1.3163
Trends:
Daily SMA20: 1.2873
Daily SMA50: 1.2771
Daily SMA100: 1.2899
Daily SMA200: 1.3058
Levels:
Previous Daily High: 1.3212
Previous Daily Low: 1.3137
Previous Weekly High: 1.3214
Previous Weekly Low: 1.283
Previous Monthly High: 1.284
Previous Monthly Low: 1.2477
Daily Fibonacci 38.2%: 1.3166
Daily Fibonacci 61.8%: 1.3183
Daily Pivot Point S1: 1.3129
Daily Pivot Point S2: 1.3096
Daily Pivot Point S3: 1.3054
Daily Pivot Point R1: 1.3204
Daily Pivot Point R2: 1.3246
Daily Pivot Point R3: 1.3279
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