Pound Plunges to Seven-week Low Ahead Britain’s Parliament Vote

British Pound slumped to a seven-week low against the dollar on Tuesday as a strengthening dollar pushed the pair lower ahead of a second vote in Britain’s upper house of parliament which may give parliamentarians a greater say over the terms of Britain’s exit from the EU.

The pound dropped more than 3% to trade below $1.2200 – the lowest level since mid-January. Prime Minister Theresa May is to trigger the Article 50 EU exit mechanism later this month and her peers in the chamber will vote in an attempt to require the government to give Parliament a “meaningful vote” on the eventual deal with the bloc.

Meanwhile, the dollar has been on a rise versus most of its rivals due to rising expectations for a rise in U.S. interest rates this month.

Trade suggestion

Sell Stop at 1.21900, Take profit 1.21500, Stop loss at 1.22100

 

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