GBP/USD approaches 1.3200 ahead of Brexit ‘no deal’ vote

Cable remains firm in session tops near the 1.3200 handle.
PM May said the a ‘good deal’ still has chances.
House of Commons will vote on a ‘no deal’ motion later in the day.

Pablo Piovano FXStreet

The Sterling has resumed the upside today, motivating GBP/USD to recover ground lost following the volatile session on Tuesday’s.

GBP/USD all the attention on key vote

Cable keeps the weekly upside in place so far today after bottoming out in the 1.2960 region last Monday.

The British Pound remains in the centre of the debate in light of the upcoming vote at the House of Commons on a ‘no deal’ option along with several amendments. It is worth recalling that if the vote is rejected today, there will be another vote tomorrow on the extension of Article 50.

In the meantime, Cable managed to leave behind the recent pessimism despite PM May’s deal was once again rejected yesterday, this time by 149 votes, and comments from EU officials stressing rising risks of a ‘disorderly’ Brexit.

What to look for around GBP

The Sterling is expected to remain under the microscope in the next hours in light of the crucial vote later today (and probably tomorrow). Consensus among investors, however, expects the ‘no deal’ motion to be rejected today, opening the door for another vote tomorrow.

GBP/USD levels to consider

As of writing, the pair is gaining 0.83% at 1.3177 facing the next hurdle at 1.3288 (high Mar.12) seconded by 1.3350 (2019 high Feb.27) and then 1.3362 (high Jul.9 2018). On the downside, a breach of 1.2986 (200-day SMA) would aim for 1.2960 (low Mar.11) and finally 1.2888 (100-day SMA).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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