GBP/JPY struggles around multi-month top marked last-week. UK’s special Parliament session on Saturday favored Letwin Amendment, poured cold water on expectations of a meaningful vote on the Brexit bill. UK PM followed the law to request the Brexit extension, EU’s response awaited. With the United Kingdom’s (UK) special Parliament session throwing a wild card to the British Pound (GBP) optimists, GBP/JPY begins the week on the back foot while taking rounds to 140.10 at the start of Monday’s Asian session. Rather than a debate and vote on the UK Prime Minister’s (PM) Brexit deal with the European Union (EU), the British Parliament rather tabled and passed Oliver Letwin’s amendment. As per the Westpac, the amendment was intended to ensure that there could not be an unintended no-deal exit should the legislation around the proposed Withdrawal Agreement (WA) stutter and collapse. As a result, the UK PM’s recent struggle failed to witness a happy weekend as he had to write a letter to the EU demanding another extension to the Brexit. The European Council President Donald Tusk confirmed receiving the letter but no reaction was conveyed. The EU leaders also met during the weekend but refrained from discussing delays while holding hopes to push over the deal, as per the market reports. “European ambassadors met for all on the15 minutes this morning and did not discuss a new Brexit delay It is full-on ratification on the EU side mirroring the government’s push to get the deal across the line. If a longer political extension is needed beyond Feb 2020 because ratification breaks down or Johnson loses vote of no confidence than EU will need a summit – as early as 27/28 October. The most likely option, I am told is for EU to decide the Benn act’s three months extension is “technical” as long as early WAB votes go smoothly”, tweeted The Times’ Bruno Waterfield. Hence, the Brexit drama will keep the GBP traders on their toes during the week with likely progress and a meaningful vote on the WA bill during the same period. However, the opposition Labour party is all set to attach another referendum during this week’s Parliamentary load and will add burden on the UK’s policymakers. With this, risk tone remains a bit compressed with early Asian session witnessing little moves. Contrary to the sentiment was the South China Morning Post’s (SCMP) story signaling ‘concrete progress’ towards trade was deal in Washington. Technical Analysis Unless breaking below 200-day Simple Moving Average (SMA) level of 138.70, prices will keep aiming early-2019 lows nearing 144.00-143.80. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD on the back foot amid waning optimism over Brexit FX Street 3 years GBP/JPY struggles around multi-month top marked last-week. UK's special Parliament session on Saturday favored Letwin Amendment, poured cold water on expectations of a meaningful vote on the Brexit bill. UK PM followed the law to request the Brexit extension, EU's response awaited. With the United Kingdom's (UK) special Parliament session throwing a wild card to the British Pound (GBP) optimists, GBP/JPY begins the week on the back foot while taking rounds to 140.10 at the start of Monday's Asian session. Rather than a debate and vote on the UK Prime Minister's (PM) Brexit deal with the European Union (EU), the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.