Never miss a story from Martin Essex

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Martin Essex

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

GBP price, Brexit news and analysis:

  • British Members of Parliament will likely vote Wednesday to rule out a no-deal Brexit. The vote takes place at 1900 GMT.
  • However, more important for the GBPUSD price could be a vote Thursday in which MPs will likely ask the EU for an extension of the March 29 Brexit deadline.
  • That could help Sterling to rally, although EU agreement to an extension is not guaranteed.

Sterling firm ahead of more crucial Brexit votes

GBPUSD is modestly higher in early European business Wednesday ahead of a vote in the UK Parliament at 1900 GMT to rule out a no-deal Brexit. Members of Parliament will likely vote against leaving on March 29 without a deal, although that will remain the legal default.

For GBP traders, however, a vote Thursday on whether to ask the EU for an extension of the March 29 deadline could be more important. There is no guarantee that the 27 other EU members would agree an extension but a UK vote in favor would still likely help GBP and reduce volatility in the currency.

GBPUSD Price Chart, Five-Minute Timeframe (March 12-13, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Directional trades in GBPUSD and the Sterling crosses remain problematic and the Brexit turmoil will still likely deter traders from going long riskier assets more generally. However, GBP bulls could take comfort from the increasing prospect of Parliament wresting control from the Government, with a snap general election and a second referendum both still possible, albeit unlikely for now. The EU has said there will be no further negotiations on a deal.

In the meantime, the UK Chancellor of the Exchequer will present his Spring Statement to Parliament earlier Wednesday. Essentially a mini-Budget, it usually garners plenty of attention but today will likely be ignored.

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex