Soft Brexit expected today at 16:00 (GMT+2)

So, part 1 has nearly been struck in the Brexit deal. The result? The GBP rallied only to be sold off as a growing body of dissenters expressed their scepticism about a Brexit deal being agreed by Parliament. The 1.3000 region in the GBPUSD pair was rejected just after the deal was struck. Remember Brexit has always been a 2 part deal and this was what came into focus within a hour or two of the deal being struck.

If the Brexit deal is signed off by the Cabinet today at 1400 GMT then comes the tricky part, getting Parliament to agree a deal. The EU have said that they are all set for a meeting at the end of November if Theresa May can get a deal through Parliament. That is a big ask. Rees Mogg, Jeremy Corbyn, Boris Johnson, Iain Duncan Smith, and the Lib Dem leader as well as the DUP have all expressed deep scepticism. Moreover, some of the dissenters spoke about the leaked text. This doesn't look like it is going to fly. Cabinet is due to meet at 2pm today, so get ready for some fireworks either way. There could be resignations and it would not be inconceivable for Theresa May to leave tomorrow either.

This will be the critical moment and the key cross roads in the GBP. Be ready and be warned for some volatility ahead on the GBP today. Perhaps fittingly the GBP/USD pair has been flitting around the 1.3000 level trading in a range overnight around the 1.3050 and 1.2950 region. The GBPUSD pair is in wait and see mode. The current bias is more bullish, with price above the 100 and 200 EMA on the hourly chart, so if Cabinet )Brexit Part 1) deal is signed off we can expect a spike in the GBP. This will quickly be followed by the market assessment of whether or not a Parliamentary vote is likely to be successful. So, be aware of similar price action to yesterday's news of a deal being struck.

Read more:

• Good price to buy British Pound
• Forex Intraday: EUR/USD has reached strong resistance
• Forex: AUD/JPY “Buy” from current levels
• Alexandre Lamfalussy: “We need to admit the euro was a mistake”
• NZD / USD, mixed signals from price action and formations. More likely long after the activation of a flag for increace