Sterling on front foot, traders eyeing Brexit debates

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Sterling on front foot, traders eyeing Brexit debates

Great Britain Pound, Brexit and GBP/USD pair trending points

  • Ahead of more Brexit debates in today’s (the 27thof February) Westminster parliament, traders remained optimistic and GBP has been pushing strongly forward after remaining in the backfoot below 1.30 level for quite a while
  • GBP had tested 1.3350 levels on today’s intra-day trading, as traders are expecting a delayed Brexit and an aversion of no-deal Brexit
  • Never the less, the UK PM May’s “meaningful Brexit vote” would not likely to take place before March 12th

Sterling on front foot, traders eyeing Brexit debates

 

On Wednesday, the 27thof February, 2019, the GBP continues to climb higher and its advanced is still pinned on the hope of a delayed Brexit and an aversion of no-deal Brexit. In fact, from what has been observed so far, it could be said that the Brexit would likely to be delayed continuing to catapult a Pound Sterling bull-run, as EU commission’s Jean-Claude Junker had repeatedly called for an extension of the Brexit deadline, so Britain and its Parliament could receive a breathing space to relax for a while and to calm down, all as an attempt to make sure that the Britain leaves with a deal.

EU Commission had also been in an entirely compromised state, since a divorce with UK without any practical would goad other nations to galvanize such terms for themselves, as Italy had also been considering a divorce too over its budget, which had been refused thrice by EU commission.

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GBP/USD price chart

GBP/USD price chart

Pound sterling stayed solid on today’s market amid a bullish wind in favour of a Brexit deal, as Brexit key oppositions, the Labour party had declared yesterday (February 26th) that they would be supporting a second Brexit referendum, if the current deal got rejected. Besides, there had been news that the number of Brexiteer lawmakers supporting May’s proposal had been inflated and the gap is closing in.

Ahead of today’s vote, scheduled to be started at GMT. 13.00, pound sterling took a slight pause, however, after the conclusion of today’s session, no further advancement had been observed and traders are still betting on a delayed Brexit vote, alongside escalated possibility of UK leaving with a deal.

Bottom Line

The Great Britain Pound seems to be well-poised to breach 1.34 level, as a delayed Brexit vote, news of adding new votes into PM May’s Brexit amendments and a lingered Brexit deadline cited by EU Commission, had been allowing the traders to push their optimisms higher.

Besides, the pound sterling had tested September 20thhigh today, while very little signs had been observed so far, which could curb GBP’s gain for the rest of the week. Meanwhile, the traders are eyeing July 9thhigh for GBP/USD pair at 1.3363 and a daily closure above 1.3363 level could pivot a rally beyond the 1.34 levels.

Read more on Pound Sterling here

[Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]

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