Pound Climbs Amid Reports Of Another Vote On Brexit Offer

By | March 25, 2019

The pound strengthened versus its major counterparts in the European session on Monday, following media reports that U.K. Prime Minister Theresa May would hold a third meaningful vote on her Brexit deal tomorrow.

Over the weekend, the PM had provide her resignation to pass the offer.

Tory MPs are freely plotting to oust Might, prompting to set out a clear timetable for her departure, to secure their assistance for the withdrawal agreement.

If the offer is beat, the U.K. should decide on next steps or consider a no-deal Brexit by April 12.

The currency dropped versus its major counterparts in the Asian session, as investors weighed the danger of Britain leaving the European Union without a deal.

The pound reached a 5-day high of 1.3246 against the greenback, from a low of 1.3160 hit at 3:30 am ET. The pound is seen finding resistance around the 1.34 region.

Following a decline to 1.3081 versus the franc at 6:15 am ET, the pound reversed instructions and surged approximately a 5-day peak of 1.3150. If the pound strengthens further, 1.33 is possibly viewed as its next resistance level.

The pound firmed to a 4-day high of 145.80 versus the yen, after decreasing to 144.67 at 9:00 pm ET. The pound is poised to discover resistance around the 147.00 level.

The U.K. currency bounced off to 0.8547 versus the euro, from a low of 0.8599 touched at 6:15 am ET. Next essential resistance for the pound is seen around the 0.84 level.

Survey information from the Munich-based Ifo Institute showed that German company self-confidence index rose to 99.6, while financial experts’ had actually expected the reading to remain unchanged at February’s rating of 98.5.

The index rose for the very first time because August 2018.

The product has been supplied by InstaForex Business – www.instaforex.com

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