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:
- See our quarterly GBP forecast to learn what will drive prices throughout Q1.
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
Follow Justin on Twitter @JMcQueenFX
