Voting for Prime Minister Boris Johnson's Brexit deal was rejected for the second time. Nevertheless, soon or late the British parliament will have to vote on the proposal. A yes to the deal will likely be favorable to the GBP, while a no-vote will hurt GBP in the short-term. It is hard to predict the outcome but the loss of upside momentum indicates the likelihood of a no-vote. Additionally, correction in GBP/JPY towards 135.67 before renewed strength may push GBP/JPY higher again towards 144.98 and above in the longer-term.
R3: 142.26
R2: 141.50
R1: 141.00
Pivot: 140.56
S1: 139.46
S2: 138.60
S3: 137.84
Trading recommendation:
We are looking for a new GBP buying opportunity near 135.75
