British lawmakers rejected Prime Minister Theresa May’s Brexit deal by a wide margin Tuesday. GBP fell against its US counterpart to lows of 1.2668 in a knee jerk reaction, though swiftly pared back losses to move towards flat for the day.
Today is likely to bring with it robust market movement, particularly in the GBP/USD market. Three possible outcomes to today’s Brexit vote are: UK PM May wins, the PM loses by a narrow margin and the PM loses by a wide margin.
UK Prime Minister Theresa May brings her Brexit deal to Parliament knowing that she faces almost certain defeat in a vote that could mean weeks of perilous political brinkmanship for Britain.
Recording its third consecutive week in the green, US equities firmly overthrew resistance at 23578 last week (now acting support), exposing resistance in the form of the 2018 yearly opening level at 24660.
Speculative interest remains somewhat lackluster in this market ahead of the key Parliamentary vote on UK PM May’s Brexit deal next week.
