GBPUSD
The pound was still driven by Brexit news yesterday, with a sharp rise in intraday gains from 1.2962 at the start of the European market to 1.3169 in the wake of the session, up more than 200 points a day. The pound has risen 3.2 per cent against the dollar since January 1, making it one of the best performing currencies, although the pound has been under pressure from both domestic and international levels of uncertainty, including this week, to move. But as the Brexit deadline approaches, it can be felt that the selling of sterling is waning, and the pound has risen to several months` highs. In last trading, news emerged that Prime Minister Theresa May might change Tuesday`s important parliamentary vote to a temporary vote, with the pound reversing a 50-point rise since the opening of the Asian trade. But a spokesman for the prime minister later in the day clarified that a parliamentary vote later today would still be a "meaningful" vote to restore momentum to the pound. Well-known media outlets in the European market later revealed that Theresa May had flown to Strasbourg and had reached an agreement to vote on Tuesday. While the details of the deal have not yet been announced, Theresa May`s itinerary was confirmed, a message that laid the groundwork for yesterday`s strong strengthening of the pound and continued to ferment up the pound at a later stage. But today`s parliamentary vote remains highly uncertain, and if the vote is rejected, there will be another important vote on Wednesday, whether or not to agree to Brexit without an agreement. But given the devastating damage to the economic structure caused by a non-agreed Brexit, a big probability is expected to be rejected. So there will be a vote on Thursday to ask the European Union to extend the deadline for Brexit, and despite temporary EU or concessions buffering Britain`s delay from Brexit, history will be repeated in a few months` time. The pound is still strengthening, and there was no sign of a correction as of the end of last trading. The initial resistance position can be seen near the front high of 1.3350, while the primary support position is at 1.2770, a low since mid-February, but the pound is still at risk of plummeting, and if it falls below that level, it will drill down to the 1.2700 integer level.
Figure 1: daily K chart of sterling against the United States dolla
