Cable is feeling under the weather this morning
We're off to the House of Lords today for another Brexit bill argument debate. This time, the contentious point is whether both houses get a meaningful vote on the final Brexit deal. The Lords say they want to amend the bill to give both houses that vote but the government still maintain that whatever the Lords vote for, they'll kick it out and go with the bill unamended.
The market should be used to the back and forth of this now but don't be surprised if we start seeing further pound weakness tied to the possibility of headlines proclaiming that the government has lost another vote in the House of Lords, which doesn't really mean anything in the grand scheme of things.
Cable has run stops through 1.2200 to 1.2183 as the 1.2250/60 area that played support once again yesterday, is now the scene of resistance.
GBPUSD 15m chart
The failure to stay above 1.2250 keeps the bearish bias in place from the drop through 1.2400 and we have every chance of finding the pair down in the low 1.21's over the next few sessions.
GBPUSD daily chart
