The Pound fell ahead of today’s parliamentary vote as Theresa May is likely witnessing third defeat in the UK parliament for her Brexit proposal. If lawmakers support May's deal, the U.K. will leave the European Union on May 22. If not, Britain has until April 12 to come out with an alternative. Today, the UK will release Q4 GDP figures, but as of late Brexit headlines will likely overshadow macroeconomic releases.
The Pound plunged more than 150 pips during yesterday’s session until it found support at 1.3050 (S1). If the bulls lose this level, we would likely see more sell-off towards 1.30 (S2) and potentially the monthly low 1.2960 (S3). However, a break above 1.31 could open doors for a potential 1.3150 (R2).
Support: 1.3050 / 1.30 / 1.2960
Resistance: 1.31 / 1.3150 / 1.32