GBP/USD remains little changed to 1.2730 as Brexit doubts supersede USD pullback

  • Odds against PM May’s Brexit proposal winning through the parliament are rising.
  • USD pullback gained little attention amid light economic calendar to follow.

With the doubts over the UK PM May’s Brexit plan’s another failure at the parliament growing strong, the GBP/USD pair trades near 1.2730 during early Monday.

The Cable couldn’t take advantage of the recent US Dollar (USD) pullback as absence of successful cross-party talks and early signal from the UK Telegraph that the current Brexit plan is the same as the previous one indicate tough road ahead for the UK PM Theresa May in getting her proposal through the British parliament during the week starting from June 03.

The UK Telegraph said that a leaked document of PM May’s Brexit proposal signals no change on customs arrangements and retains the controversial Northern Irish backstop.

Recently, the greenback remained under pressure as tensions surrounding the US-Iran and the US-China political relations grew.

Looking forward, the thin economic calendar could push traders to observe PM May’s efforts to get her deal preferred among the British lawmakers.

Technical Analysis

Even if 14-day relative strength index (RSI) indicates oversold conditions, a break of 1.2700 support could drag the quote towards January 15 low near 1.2670.

On the upside, 1.2770, 1.2800 and April low near 1.2865/70 could continue limiting the pair’s near-term advances.

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD consolidates losses as Fed moderates message

EUR/USD is trading above 1.1350, consolidating losses. The Fed's Bullard and Chair Powell have conveyed a balanced message, boosting the greenback. Treasury Secretary Mnuchin said 90% of the deal with China is done.


GBP/USD recovers to 1.2700 post-UK political hustings

With the UK Prime Minister (PM) frontrunner Boris Johnson’s surprising comments on chances of the no-deal Brexit at the political hustings, followed by cross-party MPs’ plan to move forward to direct the Brexit.


USD/JPY sticks to gains near 107.70, looks to snap 7-day losing streak

Following the sharp upsurge witnessed during the European trading hours, the USD/JPY pair has gone into a consolidation phase and is now moving in a relatively tight range in the upper half of its daily trading range.


Gold finds some support near $1400 mark, lacks follow-through

Gold held on to its weaker tone through the early North-American session, albeit pared a part of its intraday slide to the $1400 neighbourhood post-US economic data.

Gold News

EIA: Crude inventories decreased by 12.8 million barrels, WTI inches closer to $60

In its weekly petroleum report for the week ending June 21, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the United States decreased by 12.8 million barrels from the previous week. 

Read more