Brexit continues to weigh the Pound down as the UK’s parliament vote looms around the corner. This weekend’s G20 summit did little to ease bearish pressures on the GBP/USD. GBP/USD has managed to recover to familiar levels near 1.2770, following the broader market upwards in early Monday action as recovering risk appetite sees the greenback drastically underbid, but with the G20 Leader’s Summit already in the rearview mirror, Brexit concerns have returned to the fold afresh, keeping the Sterling pinned as investors continue bracing for the upcoming parliamentary vote on Prime Minister Theresa May’s Brexit proposal in the House of Commons on December 11th. UK’s May faces no-confidence vote if Parliament rejects Brexit deal – Bloomberg Things are looking bleak for PM May and her current Brexit proposal, which got accept unanimously at a Brexit Summit by the European Union only a few weeks ago, but now faces a stiff showdown in the UK’s own parliament, where it’s looking like PM May lacks the support needed on the homefront to get her UK-EU deal through the gauntlet, and a failed vote on the current divorce bill will not only see the UK headed for a hard, no-deal Brexit, but will also see May facing down a hostile no-confidence vote within her own parliament. The House of Commons will begin to debate the current Brexit deal this week in the run-up to December 11th’s final vote, and the EU has been explicit in their reminders that it’s this deal or no deal. It’s Markit PMI day on the economic calendar, with the UK’s Manufacturing PMI on the docket for 09:30 GMT (forecast 51.5, previous 51.1), while the US side will also be seeing ISM Manufacturing PMIs at 15:00 GMT (forecast 57.8, last 57.7). GBP/USD Levels to watch Brexit-bearish Sterling remains firmly planted on the mats, according to FXStreet’s own Valeria Bednarik: “the GBP/USD pair is trading not far away from its yearly low of 1.2661 set last August, with gains above 1.2800 being limited below 1.2880, the 61.8% retracement of the 2016/18 rally, indicating a long-term dominant bearish trend. Also, the pair is developing below a daily descendant trend line coming from November high at 1.3174, coming at around 1.2830/40 this Monday. Technical readings in the daily chart maintain the risk skewed to the downside, as the pair is developing far below moving averages, while the RSI indicator resumed its decline, now gaining downward traction at around 42. In the 4 hours chart, the 20 SMA heads mildly lower around 1.2770, providing an immediate short-term resistance, while technical indicators head lower within negative levels. The risk of a downward extension will increase on a break below 1.2724, November 27th daily low.” Support levels: 1.2725 1.2690 1.2665 Resistance levels: 1.2770 1.2805 1.2840 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 Trump-Xi Ceasefire: Risks still locked and loaded – TDS FX Street 4 years Brexit continues to weigh the Pound down as the UK's parliament vote looms around the corner. This weekend's G20 summit did little to ease bearish pressures on the GBP/USD. GBP/USD has managed to recover to familiar levels near 1.2770, following the broader market upwards in early Monday action as recovering risk appetite sees the greenback drastically underbid, but with the G20 Leader's Summit already in the rearview mirror, Brexit concerns have returned to the fold afresh, keeping the Sterling pinned as investors continue bracing for the upcoming parliamentary vote on Prime Minister Theresa May's Brexit proposal in the House of… 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.