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  • GBP/USD shrugged off the British MP’s victory in a vote to avoid the no-deal Brexit.
  • Motion to trigger a snap election will be tabled by the UK PM.

Despite witnessing a victory of the Brexit haters at the UK’s parliament, GBP/USD fails to register many moves while taking rounds to 1.2100 at the start of Wednesday’s Asian session.

British Members of the Parliament (MPs) put forward a motion to block no-deal Brexit and extend the deadline to January 31. The additional feature of the bill, as conveyed by the Independent, suggests that the United Kingdom (UK) Prime Minister (PM) Boris Johnson must seek another Brexit date from the EU in a case the bloc rejects 31 January deadline unless the Commons rejects it.

The motion gets 328 votes in favor against 301 opposing the same at the British House of Commons. This gives the anti-no-deal Brexit lawmakers the power to block the harsh exit from the EU.MPs will vote tomorrow to stop the present Brexit negotiations with the EU. Among the 328 supporters, 21 Tory rebels voted in favor.

All eyes are now on the UK PM Johnson’s threat to put forward another motion calling a snap general election in the middle of the October. The motion, if put forward, will be voted tomorrow.

Technical Analysis

21-day simple moving average (DMA) level of 1.2143 becomes nearby resistance to break while 1.2000 and the recent low near 1.1958 seem strong downside support.