- Not only UK PM May but senior British personalities also trying hard to turn down no deal Brexit.
- Qualitative catalysts to remain in the spotlight due to a lack of economic data/events.
With the recent change in political environments at the UK, the GBP/USD pair is taking the bids near 1.2730 while heading into the London open on Tuesday.
The Cable weakened off-late as the British PM Theresa May could neither gain any solution from the cross-party Brexit talks nor please lawmakers with the promise to present a “new, bold offer” with “an improved package of measures”.
As per the BBC report, leaked documents suggesting no major changes in the PM May’s Brexit proposal that will be up for voting in the UK Parliament during the week starting from June 03.
However, the sentiment changed after some of the top-tier British personalities like Finance Minister Philip Hammond, Foreign Secretary Jeremy Hunt and the Bank of England’s (BOE) Deputy Governor for monetary policy Ben Broadbent warned lawmakers of negative consequences of no-deal Brexit.
The UK PM May is also on her best efforts to gather support from Tory members while her Irish friends stand firm during the tough time.
Given the latest swift in British politics and lack of data from the UK, investors are more likely to follow qualitative factors concerning Brexit, US-China and US-Iran topics in order to determine near-term trade sentiment.
Technical Analysis
Repeated failures to slip beneath 1.2710 can trigger the quote’s upside momentum targeting February month low near 1.2770 and then the 1.2800 round-figure.
Should there be a downside under 1.2710, sellers may wait for a sustained dip below 1.2700 to aim for January 15 bottom around 1.2670 and 1.2600 numbers to the south.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD stalls ahead of Reserve Bank of Australia’s decision
The Australian Dollar registered minuscule gains compared to the US Dollar as traders braced for the Reserve Bank of Australia monetary policy meeting. A scarce economic docket in the United States and a bank holiday in the UK were the main drivers behind the “anemic” AUD/USD price action. The pair trades around 0.6624.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold rises as US job slowdown dampens Treasury yields
Gold price rallied close to 1% on Monday, late in the North American session, bolstered by an improvement in risk appetite due to increased bets that the US Federal Reserve might begin to ease policy sooner than foreseen. The XAU/USD trades at around $2,320 after bouncing off daily lows of $2,291.
TON crosses $200 million in Total Value Locked as its network integration continues to scale
In a recent development, the TON network surpassed $200 million in total value locked on Monday after seeing a major boost through The Open League reward program.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.