GBPUSD Daily Analysis, October 25
The GBPUSD pair stayed defensive in early European trading and slipped close to session lows, around the 1.2825-32 area.
The government will propose a motion next Monday but the question is, would they be able to get the two-thirds majority required to call for an early general election?
However, if Labor doesn’t back them up, they won’t get the numbers.
What’s more, if the European Union grants a three-month Brexit extension, Labor may not really get on board with the possibility of an election because a no-deal Brexit is, in fact, still on the table.
It is not yet clear if bears can seize near-term control or the pair keeps on giving some resilience at lower levels in the midst of reducing the chances of a no-deal Brexit and absent any significant data releases from either the Eurozone or the US.