Pound troubles continue against the backdrop of Brexit drama in parliament. The cable first fell below 1.20 for the moment, moving up to 1.9770 levels. The UK currency remains under intense pressure today as political uncertainty is about to escalate. Today, the UK Parliament will vote on whether to block No - deal Brexit, and it is rumored that Boris Johnson will call snap elections if Parliament passes the decision.
Price reaches these levels for the first time since January 2017. Credit Agricole also shares their negative view of the developments. All eyes are now on the UK. Ministers and politicians are back from their summer vacation, and the opposition is no longer eager to call the vote. The price is still far from the support line in the downward trend, but the break in the levels at 1.20142 is key. Closure with the whole body below this level will increase sales, allowing for downward movement to levels at 1.18400.
And volatility jumps to levels not seen from October 2018.
It will all depend on the events of today. We expect high volatility and sharp movements in both directions.
Additional Graphics: Thomson Reuters
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