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Forex News: Pound Climbs Amid Reports Of Another Vote On

Pound Climbs Amid Reports Of Another Vote On Brexit Deal

03/25/2019 - 09:47:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Monday, following media reports that U.K. Prime Minister Theresa May would hold a third meaningful vote on her Brexit deal tomorrow.

Over the weekend, the PM had offer her resignation to pass the deal.

Tory MPs are openly plotting to oust May, urging to set out a clear timetable for her departure, to secure their support for the withdrawal agreement.

If the deal is defeated, the U.K. should decide on next steps or consider a no-deal Brexit by April 12.

The currency dropped against its major counterparts in the Asian session, as investors weighed the risk of Britain leaving the European Union without a deal.

The pound climbed to a 5-day high of 1.3246 against the greenback, from a low of 1.3160 hit at 3:30 am ET. The pound is seen finding resistance around the 1.34 region.

Following a decline to 1.3081 against the franc at 6:15 am ET, the pound reversed direction and spiked up to a 5-day peak of 1.3150. If the pound strengthens further, 1.33 is possibly seen as its next resistance level.

The pound firmed to a 4-day high of 145.80 against the yen, after declining to 144.67 at 9:00 pm ET. The pound is poised to find resistance around the 147.00 level.

The U.K. currency bounced off to 0.8547 against the euro, from a low of 0.8599 touched at 6:15 am ET. Next key resistance for the pound is seen around the 0.84 level.

Survey data from the Munich-based Ifo Institute showed that German business confidence index rose to 99.6, while economists' had expected the reading to remain unchanged at February's score of 98.5.

The index rose for the first time since August 2018.

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