The British pound today traded in a consolidative range as markets await the Parliamentary vote on Theresa May‘s Brexit Plan B scheduled for later today. Today’s debate is quite important, but it is not a meaningful vote like the 15 January vote, which handed the UK government a historic defeat.
The GBP/USD currency pair today traded in a tight range between a high of 1.3177 and a low of 1.3130 and was within this range at the time of writing.
Today’s Brexit debate is quite crucial given that British Prime Minister will try to get enough support from members of Parliament to amend the deal with the European Union. One of the major issues to be addressed is the Irish backstop plan, which has been opposed by Brexiter MPs. The fact that the Irish DUP does not support this amendment casts a dark cloud on the debate and the vote. The UK Parliament is quite divided on many other issues within the Brexit Plan B, which increases the likelihood that none of the proposed amendments will pass.
The lack of any major moves by the greenback as tracked by the US Dollar Index favored the cable, which did not suffer any major declines, despite the pound’s weakness.
The currency pair’s future performance is likely to be affected by the Brexit Plan B vote outcome and the release of the US consumer confidence index later today.
The GBP/USD currency pair was trading at 1.3151 as at 10:38 GMT having dropped from a high of 1.3177. The GBP/JPY currency pair was trading at 143.89 having rallied from a low of 143.37.
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