GBP/USD swings back to 1.2840, eyes on Brexit vote

• Cable shrugs-off EU reassurances of backstop, as risk-off weighs.  
• Focus on the Parliamentary Brexit vote scheduled on Tuesday.

The GBP/USD pair is seen reversing a dip to 1.2817 daily lows, reached following the reports that the European Union (EU) will issue a later on backstop reassurances later on Monday.

Markets were little impressed by the headlines, as they believed that the EU assurances would not be enough to save the UK PM Theresa May’s Brexit deal heading into Tuesday’s parliamentary vote on her deal.

Moreover, the risk assets Pound met fresh supply, as the European equities opened the weak on a negative, tracking the declines in its Asian peers amid re-emergence of global growth fears after disappointing Chinese imports and exports data.

Meanwhile, markets digest the latest comments by the UK Trade Minister Liam Fox, as the downside continues to find some support from the ongoing Article 50 delay talks, implying the UK’s exit from the EU will be delayed beyond the March 29^th deadline.

Amid a lack of fresh economic releases from both the UK and the US, the Brexit-related headlines and risk-off sentiment will continue to drive the sentiment around the Cable.

GBP/USD Technical Levels