GBP/USD spikes to 1.3200 neighborhood ahead of amendment votes

   “¢   The GBP gains some traction at the start of PM May’s Brexit Plan B debate.
   “¢   The uptick, however, lacked follow-through ahead of the amendment votes.

The GBP/USD pair finally broke out of its daily consolidative range and spiked to the 1.3200 neighborhood, fresh session tops amid a flurry of Brexit headlines.

The pair quickly reversed an early European session dip to an intraday low level of 1.3130 and continued attracting some dip-buying interest amid receding risks of a no-deal Brexit.  

Meanwhile, the latest leg of a sudden spike in the last hour followed the news that the UK Speaker selected Cooper and Brady amendments to go to vote later today.  

The Cooper amendment would block a no-deal Brexit, also backed by Labour party leader Jeremy Corbyn, while the Brady amendment seeks an ‘alternative arrangement’ on the Irish border backstop.

Meanwhile, the UK PM Theresa May, speaking in the House of Commons, said the votes today should show that the current deal is unacceptable but she also wanted parliament to signal what kind of deal is acceptable.

The spike, however, lacked any strong follow-through ahead of the amendments votes on May’s alternative Brexit plan, scheduled to start at 1900 GMT (7 pm London time), and a modest US Dollar uptick.

Technical levels to watch