GBP/USD fades an intraday bullish spike to levels beyond 1.30 mark

   “¢   Persistent Brexit uncertainties continue to dent sentiment surrounding the British Pound.
   “¢   The USD remains supported by a goodish pickup in the bond yields and adds to the selling bias.
   “¢   Traders now seemed reluctant to place aggressive bets ahead of Tuesday’s meaningful vote.

The GBP/USD pair jumped to levels beyond the key 1.30 psychological mark during the early European session and filled the weekly bearish gap, albeit quickly retreated few pips thereafter.

A weekend report, via the Telegraph, saying that the UK PM Theresa May is losing support for her Brexit vote and is also facing increasing pressure to resign, further dented the already weaker sentiment surrounding the British Pound.

The pair extended its retracement slide from 10-month tops, dropping to near three-week lows earlier today further, and was further pressurized by a modest US Dollar uptick on the back of a goodish pickup in the US Treasury bond yields.

The pair, however, now seemed to show some resilience at lower levels as traders now seemed reluctant to place any aggressive bets ahead of Tuesday’s meaningful Parliamentary vote on the May’s amended Brexit deal.

This will be followed by a vote on Thursday for an extension of Article 50 if the UK parliament vote on Tuesday is rejected and might thus limit any meaningful directional move ahead of the key event risks.

In the meantime, today’s economic docket, highlighting the delayed release of US monthly retail sales report might produce some short-term trading opportunities later during the early North-American session.

Technical levels to watch