GBP/USD: Absence of ‘no deal’ fears please bulls around 1.3310 after posting 7-month high

• GBP/USD trades near 1.3310 on early Thursday.
• The pair remains strong around seven-month high posted yesterday as UK lawmakers ease the path for no-deal Brexit.
• 1.3365 and 1.3400 can act as immediate resistances whereas 1.3280 and 1.3230 seem nearby supports for the pair traders to watch.

GBP/USD is on bids around 1.3310 during early Asian trading on Thursday. The pair stretched latest northward trajectory to a seven-month high near 1.3350 during Wednesday. Recently, the British members of parliament (MPs) overwhelmingly backed a proposal to vote for a plan to delay Article 50 if her initial deal fails.

The British Pound (GBP) has been on a rally since the UK PM Theresa May relieved ‘no-deal’ tension after announcing her proposal to the UK parliament on Tuesday. Even if turning down expectations that there were direct talks with the EU to delay Article 50, PM May said she will put her latest proposal for a vote in the parliament first before taking the votes on ‘no-deal’ and delayed Brexit.

The move delighted GBP/USD Bulls towards posting a seven-month high near 1.3350 on Wednesday. The pair recently extends its previous rise on news that the British MPs back the motion to allow a vote to extend article 50, popularly known as Cooper’s Brexit amendment F, with the overwhelming support of 502 votes in favor versus 20 against.

With most obstacles in the path of PM May’s proposal are out, investors may now concentrate on how MPs react to frequent motions passed simultaneously for the Brexit before the critical voting begins on March 12. It should also be noted that the opposition Labour party may surprise markets by putting forward any motions on a vote that can renew worries.

GBP/USD Technical Analysis

Successful break of 1.3300 opens the door for the pair’s additional rise towards 1.3365 and the 1.3400 with 1.3440-45 acting as follow-on resistances.

On the downside, 1.3280 and 1.3230 can act as immediate support for the pair, a break of which can again highlight 1.3200 and 1.3100 for sellers.