Rebound appears capped near 1.3200

27 March, 2019

GBP on the back foot as Parliamentary is set to vote on alternative Brexit options. Awaits fresh Brexit clarity while May’s future also remains a key decisive factor for GBP trades.

The bulls are seen struggling once again to take on the recovery beyond the 1.32 handle, leaving the GBP/USD pair hovering in a familiar range around the last, as markets digest a blizzard of headlines around the Brexit indicative votes that scheduled later today at 1930 GMT.

GBP/USD: In search of fresh direction

Markets remain cautious and refrain from placing any directional bets on the GBP/USD pair, as they await the outcome of the parliamentary votes on the alternative Brexit options that may offer some clarity on the Brexit way forward.

Meanwhile, the UK PM May faces yet another struggle from within her party, as the government continues to remain in discussion with the Democratic Unionist Party (DUP), in a final effort to get the support for May's deal. Although, the latest comments from the UK Tory lawmaker Rees-Mogg, cite that he doesn’t consider May’s deal as a good deal now after having officially supported it a day before.

Hence, the spot will continue to remain at the mercy of the latest Brexit developments while a broad-based US dollar retreat amid a minor turnaround in the risk sentiment could lend some support to the renewed upside in the major. The USD index eased-off 2-week tops at 96.98 to now trade near 96.75 region.

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