GBP/USD has been struggling in a strong dollar environment and a weaker euro clearing out downside orders on Friday while Brexit headlines continue to roll in as markets await parliament to return after recess. The pound is trading in the 1.2139 and 1.2160 range at the start of the week while losing trading conditions should be expected with the US holiday.
Brexit is back on the agenda
The latest update on the Brexit front is that Conservative MPs have been warned not to rebel against the government as opposition MPs plan law to stop a no-deal Brexit. MPs return from their summer break for just a few days, as Parliament will be prorogued the following week. “Opposition and rebel MPs will do everything they can to frustrate Boris, including trying to cancel prorogation and demanding an extension to Article 50. But like this past week, expect an extreme, proactive response from No.10. An election may be in sight by week-end,” analysts at TD Securities explained.
GBP/USD LONG (Buy)
Enter at: 1.2152