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GBP/USD Surges From Lows On Hopes DUP Will Support Brexit

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Fresh reports suggest the DUP may support the Brexit deal. The reporters said that the government sees support from the DUP. Also, some speculate that other members of Parliament will eventually vote in favor of the deal. So far, there have been no resignations from the government.

Prime Minister Theresa May is meeting cabinet ministers separately ahead of the all-important cabinet meeting at 14:00 GMT.

GBP/USD was under pressure during the morning and collapsed to 1.2885 before surging to 1.2940. The round number of 1.3000 and the peak of 1.3047 are next. 1.2885 and 1.2826 serve as support.

Earlier, there was a growing chorus of voices opposing the agreement. Members of the Northern Irish DUP party are hinting that they will remove support from Theresa May’s government. They dislike having separate regimes for NI and the rest of the UK.

Implied volatility in Sterling has jumped to levels last seen in June 2017, around the UK general elections.

 





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