GBP price, news and analysis:
- Yet more debate in the Westminster Parliament will take place today on Brexit, with bullish traders hoping that Brexit will be delayed and a no-deal Brexit will be avoided.
- However, the so-called “meaningful vote” on Brexit is unlikely to take place before March 12.
Sterling in favor ahead of more Brexit votes in Parliament
GBPUSD continues to climb higher and its advance could yet extend further as traders long the pair pin their hopes on a delay in the UK leaving the EU and that leaving without a deal can be avoided.
GBPUSD Price Chart, Daily Timeframe (July 4, 2018 – February 27, 2019)
Chart by IG (You can click on it for a larger image)
This session, UK Members of Parliament will again debate Brexit, starting at 1300 GMT, and the focus will be on any amendments selected by Speaker John Bercow. Voting on the non-binding amendments will start at 1900 GMT, followed by a vote on a bland government motion that reads: “This House notes the Prime Minister’s statement on EU exit of 26 February; and further notes that discussion between the UK and the EU are ongoing”.
Prime Minister Theresa May has promised to bring back her departure deal for Parliament to approve or dismiss by March 12 at the latest. However, there have been inevitable claims that she has again “kicked the can down the road” and that means the day of reckoning for the British Pound has been postponed.
In the meantime, GBPUSD has risen to its highest level since September 20 last year and shows few signs yet of a correction lower. To the upside, the next level in focus is the July 9 high at 1.3363.
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--- Written by Martin Essex, Analyst and Editor