GBP Gets Ready for an Unpredictable Day with Meaningful Vote 2
All eyes are once again focused on the British Pound, with a crunch vote happening today on the deal which Theresa May has secured with the EU parliament.
As news broke on Monday evening that there was now an agreement on the Northern Ireland backstop (which has been the main point of controversy throughout the withdrawal process) the Pound reacted strongly upward.
Since that gain it has fallen back, as nerves kicked in from traders on the direction of GBP should the Prime Minister not get her deal voted through.
GBP has been rallying strong since late last week, and versus the US Dollar it’s sitting around 2019 highs as it awaits the reaction to Parliaments vote.
Other British Pound pairs are looking strong also. GBPJPY is back near highs for the 12 month period, and GBPCHF surpassed 2018 highs – although the visit to higher prices seems to have been a brief one so far.
So we await the outcome of the vote, which according to press will be around 7pm tonight (UK time).
Things are never straightforward in the UK, and the Pound never reacts in a totally predictable manor, so expect some real volatility later across the markets, because this vote could open the path to unexpected outcomes.
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.
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