“¢ News that Conservatives could back May’s deal provided a minor lift.
“¢ The up-move remains capped ahead of indicative votes later today.
The GBP/USD pair built on its goodish intraday bounce and has now recovered over 60-pips from an intraday low level of 1.3166.
The pair continued showing some resilience at lower levels and rallied back above the 1.3200 handle, hitting a session high level of 1.3231 in the last hour amid a flurry of Brexit-related headlines. According to Reuters – citing an unnamed Conservative lawmaker, dozens of Conservatives are coming round to backing the UK PM Theresa May’s Brexit deal and provided a goodish lift to the British Pound.
In other developments, the Northern Irish Democratic Unionist Party (DUP) announced that their party will support the Brexit proposal for the Malthouse compromise plan A- calling for May’s deal but removing the backstop and applying alternative arrangements. Meanwhile, the main opposition party – Labours, was reported to support and whip the amendment for a second referendum in today’s indicative votes in the Parliament.
The intraday positive momentum, however, lacked any strong bullish conviction as investors still seemed reluctant to place any aggressive bets and preferred to wait on the sideline until we have more clarity from today’s vote. Adding o this, speculation that the UK PM Theresa May will try her Brexit deal this week might further collaborate towards confining the pair within this week’s broader trading range.
Technical levels to watch
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