Forex today was all about Brexit, but it did not turn out the way that the herd expected in terms of price action.
Meanwhile, risk sentiment was relatively elevated given the overnight headlines about China’s stimulus plans for the Chinese economy.
GBP/USD Technical Analysis: Cable blasts towards 1.2850 target as Parliament votes down PM May’s Brexit deal.
GBP/USD daily chart
GBP/USD is trading in a bear trend below the 100 and 200 simple moving averages.
Parliament voted down PM May’s Brexit deal.
GBP/USD is trading above its main.
GBP/USD 30-minute chart
GBP Bulls are back and the next target is likely the 1.2850 level
Elsewhere, the risk was boosted by news that Chinese authorities will provide further stimulus through tax cuts. The euro fell from 1.1489 in Asia to a low of 1.1381 on Draghi’s dovish address to Parliament. USD/JPY was chopped its way through a tight 40 pip sideways range on the 108 handles and the Aussie was benefiting from the Chinese stimulus news initially before sinking from 0.7225 to a low of 0.7179 before moving back to the 0.72 handles in Asia.