The GBPUSD pair is seen turning around a plunge to 1.2825 daily lows, achieved following the reports that the EU will issue a later on backstop reassurances later on Monday. The USD will close lower for the fourth sequential week, the longest losing streak since January a year ago. In any case, the huge news of the day is sterling’s rally, developing on the news of a noticeable UK Cabinet part requesting Brexit’s postponement beyond the March 29th deadline if next week’s vote is rejected. The GBP is the strongest currency today, breaking above $1.2855 among proposals from Conservative renegade Dominic Grieve encouraging PM May to defer Brexit if her EU withdrawal bargain is rejected at one week from now’s Parliament vote.
In the midst of an absence of new economic releases from the UK and the US, the Brexit headlines and risk-off sentiment will keep on driving the slant around the GBPUSD.