The British pound rose to the day’s high of 1.2811 before retreating to end near the lows of 1.2716. The volatility shot up as PM May promised the parliament on a vote to call for a second Brexit referendum if they support her deal. The opposition party, however, rejected the proposal. The monthly inflation reportwill be coming out later today.
GBPUSD Settles Back Near the Support
The currency pair closed the day back near the support area of 1.2716. The consolidation near this level has kept price action subdued so far. There are signs of a bullish divergence building up near the current support which keeps the upside bias intact. GBPUSD could rebound to 1.2895 followed by 1.2975. However, if price breaks below the current support, we could expect to see further declines.
