GBPUSD is moving upwards on Tuesday morning despite the upcoming vote in the British Parliament.
The British Pound is slowly rising against the USD on Tuesday. The current quote for the instrument is 1.2910.
There are no important statistics for the Pound today, but investors are nervous anyway as the British Parliament is going to vote on the Brexit agreement. The British Prime Minister Theresa May once again addressed to policymakers yesterday and asked them to vote rationally – this is the only thing left to May, because she has already tried every possible way to win over the opposition.
In this case, any decision taken by the Parliament will surely be “make-or-break” one. If the vote doesn’t pass the current version of the Brexit agreement, the United Kingdom will not leave the European Union within the agreed time frames. Otherwise, the Brexit procedure will start on March 29th with a two-year transition period.
The key aspect that is included in the current draft of the agreement is trading conditions, which will allow both parties to continue their trading relations during the transition period. If the British policymakers vote against this idea today, the European Union may back pedal on the agreement and call off their decision to trade with the United Kingdom on conditions that are favorable for both parties, thus leaving the latter to form a new financial and economic system.
In other words, today is the decisive date for the Pound and the United Kingdom. No matter what decision is taken, GBPUSD may start fluctuating after market players get the facts.
Orgin: RoboForex
