Intraday Market Thoughts

GBP Faces another Vote

by Ashraf Laidi
Jun 20, 2018 12:41

Another vote this evening over whether parliament will win the power to decide what happens in the event that OM Theresa May arrives at a no-deal with the EU regarding Brexit. Unlike pro-Brexit lawmakers, who are willing to exit without a deal, remainers are pushing for lawmakers to win the power to have a meaningful vote in the event no deal is reached. Wednesday evening's vote in the House of Commons will be an important step towards the outcome of such vote. Sterling selling intensified over the past few days on emerging signs that PM May will be defeated in Parliament, implying a longer process of negotiations on multiple Brexit laws. With global equity indices struggling to regain composure due to escalating trade tensions among the US, China and the EU, GBPJPY is more vulnerable to break 143, while GBPUSD tests 1.3050s.

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