14 March, 2019
Despite the rebound GBP/USD is still trading near the highest level sing July 2018. The down move has been on the back of a strong pick up in the sentiment surrounding the Sterling after the ‘no deal’ vote was rejected at the House of Commons albeit by just 4 votes and in response to subsequent rumours that ‘hard Brexiteers’ could now support May’s alternative plan to leave the EU. Later today, GBP is expected to remain in centre stage, as the House of Commons will vote on an extension of Article 50. The broad consensus sees the motion to pass by ample margin, which should allow negotiators to buy extra time to eventually clinch a deal (or not). Bullish traders further took cues from a goodish rebound in the US Treasury bond yields, which coupled with a sharp retracement in the British Pound, helped revive the US Dollar demand and remained supportive of the up-move.