- GBP/USD is moving with a range of between 1.3207 and 1.3335 on Thursday as Brexit funding gets underway again.
Following lawmakers resoundingly rejecting Prime Minister Theresa May's revised divorce deal with the EU on Tuesday, Britain's parliament is now voting another crunch vote on Brexit today – on whether to leave the European Union as scheduled on March 29 with no agreement in place – a no-deal exit.
The first vote has been on amendment H – a second referendum – This was tabled by ex-Tory Sarah Wollaston, now of the Independent Group, and signed by around 30 MPs, seeking an Art. 50 extension to stage a new referendum.
The result was as follows:
Yes: 85 Noes: 334
The next votes are as follows (timings are variable):
- 1715 GMT (a touch late) – Indicative votes x 2
- 1745 GMT – Labour deal
- 1800 GMT – Rule another vote on PM’s deal
- 1815 GMT – Main motion – delay Brexit
"Even if the Brexit date is extended, keeping the UK in the European Union for longer, the British economy is still going to suffer," analysts at ING Bank argued.
A softer Brexit outcome may eventually command a majority
"As we noted earlier in the week, we still suspect a softer Brexit outcome may eventually command a majority – but in the short-run, many Conservative MPs may be inclined to vote down such a proposal if it sounds too much like backing the Labour Party's preferred permanent customs union option," the analysts at ING explained.
GBP/USD was finding support at the 38.2.6% Fibo retracement of the 11th March low. The Ichimoku Cloud is bullish. There is potential for some higher grounds according to the daily stochastics. Bears look for a test below the 38.2% Fibo confluence level where bulls will look to hold for a considerable discount, targetting the 1.36 handle, (1.3584 200 week ma).