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EURGBP fails above 0.8525 again as traders eye the Article 50 vote later

It's been a soggy session for the pound but a few buyers are emerging 7 Dec

A couple of attempts above 0.8520 have seen GBPUSD pushed down to 1.2578 but now we're retreating at 0.8507 sending cable back up 1.2604

Technicals point to a sustained hold needed above 0.8515 to then look beyond to next key resistance into 0.8360

Earlier I posted about the surprise move last night to allow a vote on a motion tabled by the opposition Labour Party this afternoon with the debate beginning around 12.45GMT

Expectations are for a govt win ( neither May or Labour leader will be in attendance fyi) and that's added to the softer pound tones but now there's a bit of money coming off the table with the risk side being a loss for May.

Either way we will in any case have to wait until January and the Supreme Court's decision for further clarification.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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