Brexit: Bill to prevent no-deal reportedly set for speedy approval on Wednesday, April 3rd , GBP/USD rises

Yohay Elam FXStreet

Conservative MP Sir Oliver Letwin and Labour MP Yvette Cooper have tabled their motion to vote on a Bill to prevent a no-deal Brexit and extend Article 50. It includes a speedy timetable in which MPs will vote on all three readings on Wednesday, April 3rd.

The second reading is due by 18:00 GMT (19:00 London time), and the third reading at 21:00 GMT (22:00 London time). If approved, the House of Lords will then debate it. After indicative votes on alternative Brexit paths failed, the centrist MPs are going for a binding vote that is more generic and aims to prevent a hard exit of the UK from the EU.

GBP/USD reacted positively on the news, rising back to 1.3050. It hit a low of 1.3013 earlier.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.