GBP/NZD Continues Uptrend While Looking for Brexit Updates

GBP/NZD is carrying on with its uptrend that took off last Wednesday. The pair has moved within a bearish channel since October 16, and it broke the pattern’s resistance line last Friday. This could suggests the door is open to an extended rally, but it all depends on the fundamentals now.

One British pound buys 2.0206 as of 06:24 AM UTC. The quotation has gained 0.27% in early trading on Monday.

All eyes are on Brexit right now, especially when New Zealand markets are closed in observance of the Labour Day.

UK Parliament Puts Johnson’s Early Election Bid to the Vote

The Brexit saga continues as the deadline is approaching. About two weeks ago, UK Prime Minister Boris Johnson reached a deal with European leaders. But was struck with strong opposition from the parliament at home.

Members of the parliament finally approved the so-called Withdrawal Agreement Bill (WAB) in an initial vote on Tuesday. Though they refused to accelerate the Brexit process to meet the current deadline that expires next Thursday.

Johnson wants to hold a national election on December 12, but he needs the parliament’s approval for this. This is a challenging task especially after he was denied twice an election last month.

MPs are meeting today to vote for or again the PM’s proposal for an election. However, the opposition wants a potential no-deal Brexit to be explicitly ruled out by Johnson.

Diane Abbott, spokeswoman for Labour Party’s home affairs, said yesterday that PM should offer parliament a clear commitment he will not take the UK out of the EU without a deal if he wants support for an early election. She stated:

“One way of doing it is for Boris Johnson to come to the floor of the house and give the House of Commons a commitment that whatever happens, he will not take Britain out of the EU without a deal.”

Elsewhere, European leaders are meeting today to decide the Brexit extension length.

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