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GBP Price Analysis and Talking Points:

  • Brexit Amendments in Focus

See our quarterly GBP forecast to learn what will drive prices throughout Q1.

Brexit Amendment Votes

Today will see yet another round of votes on a series of amendments, which typically takes place from 1900GMT. However, given yesterday’s speech by Theresa May, whereby the PM noted that there will be a series of votes on a Brexit deal, no-deal, and Brexit delay through March 12-14th, tonight’s vote has lost its importance.

List of Amendments

Amendment A: Calls for parliament to endorse Corbyn’s Brexit strategy.

Amendment B: Calls for more protections regarding the rights of EU citizens living in the UK in a no-deal scenario.

Amendment C: Sets a deadline of March 18th to have either; passed a deal, support for a no-deal or requested a Brexit delay from the EU.

Amendment F: Note’s May’s commitment to hold a vote on March 14th on whether to delay Brexit, if Parliament has rejected her deal and leave without a deal.

Amendment K: Rules out a no-deal Brexit under any and all circumstances, irrespective of the date.

Option Activity Suggests GBP Volatility

Overnight GBP vols are relatively muted ahead of today’s vote with GBPUSD straddles implying a move of under 0.5% or 60pips.

GBP TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX