Breaking: GBP/USD jumps some 50 pips on reports DUP will abstain on Customs Union 2.0

Yohay Elam FXStreet

The Northern Irish DUP is said to abstain in the indicative vote on a soft version of Brexit, called Customs Union 2.0. After the Labour Party said it would support and whip it, there is an open the door to a majority. The SNP and some Conservative pro-Remain rebels will also back it, while most Tory MPs and Labour rebels will vote against it.

The vote is non-binding but could pace the way to a softer Brexit or at least a delay of the process. The government may also call a general election, and that may force a postponement of Brexit.

GBP/USD jumps to a high near 1.3150. Resistance is seen at 1.3180 and 1.3220. Support is at the round number of 1.3100.

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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