Breaking: GBP/USD advances, then retreats as UK Parliament votes to delay Brexit

Yohay Elam FXStreet

Parliament votes 412 against 202, a wide majority of 210. GBP/USD advances above 1.3280 but remains shy of 1.3300 at the time of writing.

The motion states that if MPs approve UK PM Theresa May's deal by March 20th, Brexit should be extended until the of June. If not, the motion states that the government will seek an extension with the terms in the EU's hands.

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GBP USD technical chart post delay to Brexit

Earlier, Parliament rejected all the proposed amendments. These included Amendment H which called for a second referendum. It was defeated with the tally standing at 334 against and 85 for. The Labour Party decided not to support it, waiting for another chance.

Other amendments were defeated by close votes: 314 to 311 and 314 to 312 on ones that would give Parliament control over the agenda on March 20th. The opposition Labour party that had tabled the motions was expected to support the main vote regardless of the outcome on the amendments.

GBP/USD was trading in a volatile fashion throughout the day but stabilized between 1.3250 and 1.3270 ahead of the series of votes. The daily range is 1.3207 to 1.3335.

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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