GBP/USD spikes to 1.3200 neighborhood ahead of amendment votes
| • The GBP gains some traction at the start of PM May’s Brexit Plan B debate.
• The uptick, however, lacked follow-through ahead of the amendment votes.
The GBP/USD pair finally broke out of its daily consolidative range and spiked to the 1.3200 neighborhood, fresh session tops amid a flurry of Brexit headlines.
The pair quickly reversed an early European session dip to an intraday low level of 1.3130 and continued attracting some dip-buying interest amid receding risks of a no-deal Brexit.
Meanwhile, the latest leg of a sudden spike in the last hour followed the news that the UK Speaker selected Cooper and Brady amendments to go to vote later today.
The Cooper amendment would block a no-deal Brexit, also backed by Labour party leader Jeremy Corbyn, while the Brady amendment seeks an 'alternative arrangement' on the Irish border backstop.
Meanwhile, the UK PM Theresa May, speaking in the House of Commons, said the votes today should show that the current deal is unacceptable but she also wanted parliament to signal what kind of deal is acceptable.
The spike, however, lacked any strong follow-through ahead of the amendments votes on May's alternative Brexit plan, scheduled to start at 1900 GMT (7 pm London time), and a modest US Dollar uptick.
Technical levels to watch
GBP/USD
Overview:
Today Last Price: 1.319
Today Daily change %: 0.21%
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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