GBP/USD rises to seven-week high as May speaks on Brexit ahead of tomorrow’s vote


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GBP/USD hits a high of 1.2873, highest level since 23 November


ForexLive

From her comments here, if one wants to be picky about the pound rising they can point towards two pointers there. First, being the fact that she views that the most likely outcome once tomorrow’s vote fails is that we’ll see a paralysis in parliamentary proceedings which will then be followed by no Brexit at all.
The second, if you really want to be picky on it, is that she mentioned she has spoken to lawmakers who will now support her deal after having previous doubts.
At this stage, she’s still reiterating that she does not advocate for extending Article 50 which if she is adamant on the matter, leaves her with few options in the offing. Her path to angling towards a no-deal Brexit ran into some stumbling blocks last week and looks to be difficult as parliament is seen trying to prevent such an outcome from materialising.
Hence, her scenario suggesting a «paralysis» in parliament as they continue to debate on the future plans of Brexit may very well take place and leave all but a second referendum towards a no Brexit option being rather plausible.
As mentioned earlier, there is still potential for further near-term setbacks for the pound with tomorrow’s vote seen failing and Labour possibly tabling a confidence motion against the government. However, the fact that a no-deal outcome is being pushed further and further aside means that the pound has potential to roam to the upside once it becomes clear that we’re either headed for some form of deal (whatever deal that may be) or a no Brexit outcome at all.
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