Bears taking back charge below 1.3200

25 March, 2019

Cable loses ground amid Brexit/ UK political uncertainty and risk-off markets. Fresh Brexit headlines eyed ahead of today’s indicative votes and Fedspeaks.

Amidst dozens of fresh Brexit/ UK political headlines crossing the wires so far this Monday, the pound buyers remain wary over the likely end to the ongoing Brexit saga, with the GBP/USD pair now back in the red zone below the 1.32 handle.

The spot the early European bounce to 1.3218 highs following the latest reports that the UK PM Theresa May urging her camp to vote for her Brexit deal, including the backstop, in exchange for her resignation from the Prime Minister’s position. This comes after many senior lawmakers from her Conservatives party plotted a coup to oust PM Theresa May, as they are not pleased by the management of the Brexit process. 

Meanwhile, markets await the details of the advance briefing that’s underway ahead of the Cabinet meeting due at 1000 GMT for fresh incentives on the spot, as the PM is urged to set her own exit date to get the Brexit deal heading into the indicative votes scheduled later today.

Further, the higher-yielding currency, the GBP, also tumbles in tandem with the UK stocks that remain weighed down by the mounting fears of a recession in the Euro area as well as in the US, as the risk-off sentiment remains one of the key drivers amid a lack of fresh first-tier macro news from both the UK and the US docket today.

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