Pound Loses Momentum as Voting Continues

The Pound Sterling couldn't maintain momentum ahead of the latest Parliamentary vote on the Brexit, and slipped against the US Dollar during London trade, falling from a 9-month peak. Today's vote has two possible outcomes; either Parliamentarians decide to back the Prime Minister's largely unpopular deal or they postpone the Brexit deadline from March 29th. In the latter case, that could eventually lead to the complete reversal of the referendum which had been voted on in 2016. Analysts say that a no-deal is not exactly off the table, but with odds at less than 5% there is great hope for Sterling traders of a positive outcome.

As reported at 10:44 am (GMT) in London, the GBP/USD had fallen to $1.3226, down 0.7392% and moving well off the recorded peak of $1.331. The EUR/GBP is trading at 0.8545 Pence, up 0.5318%; the pair has ranged from a trough of 0.84990 Pence and a high of 0.85625 Pence.

May Still Pushing for Her Agenda

It should be noted that, even if Parliament decides to delay the Brexit, each of the 27 members of the European Union must agree on the Brexit extension before the change becomes effective. At the same time, Theresa May, the Britain's Prime Minister, is still attempting to sway next week's vote in her favor, despite the fact that the majority of lawmakers find little appeal to either her original or amended version of the proposal.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.