Sterling slips as traders digest the fact that parliament is almost certainly not going to pass a meaningful vote on the Brexit deal
We may get Cabinet’s approval and a November summit in Brussels to come. However, as mentioned earlier, all that counts for nothing if what they’re working towards is a deal that will only result in parliament rejecting it.
And those chances at the moment are slim to near impossible.
Cable now slips back below the 100-hour MA (red line) and the near-term bias is now more bearish again. A fall back below the 23.6 retracement level @ 1.2910 would see a quick move back towards 1.2850 and this week’s low of 1.2828.