Breaking: GBP/USD surges back above 1.20 as Speaker hints at opposition precedence

Yohay Elam FXStreet

GBP/USD has leaped to 1.2083 before cooling and settling above 1.2000 after hitting a low of 1.1958 – the lowest since 2016 – earlier today.

Parliament will allow for a long debate on the attempt to block a no-deal Brexit. John Bercow, the speaker of the House of Commons, has confirmed that an application for an emergency Brexit debate has been tabled.

He will allow the debate to run until 21:00 GMT. The opposition may run through its bill to block Brexit and advance it – without allowing the government to table its own motion to hold new elections.

The Brexit drama has overshadowed all other events.

GBP/USD faces resistance at 1.2050 and 1.2110. Support awaits at 1.2000 and 1.1985.

GBP USD leap on House of Commons sequencing

Earlier, prime minister Boris Johnson's spokesman has said that the government does not want an election adding that "Minds are focused on avoiding a parliamentary defeat and persuading MPs not to destroy the PM’s negotiating position"

The debate in parliament begins at 13:30 GMT and developments are critical for the pound.

Analysis Three scenarios for the Brexit showdown after sterling hits near three-year lows

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.

EUR/USD trims gains, back below 1.1800

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GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

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