The pound sterling stayed in a wide range after the British parliament voted down PM May’s amended Brexit deal by 391 to 242. MPs are scheduled to vote today on whether Britain should leave without any deal. There are still hopes in the markets that lawmakers would choose a delay in lieu of a no-deal. The pound sterling is hanging over a cliff but a positive vote from the parliament could give the currency a boost.
On the technical side, the price is range-trading between 1.3000 and 1.3290. We could see more wide swings as the day goes along. A break to the upside might trigger an extended rally.
The sentiment-price correlation chart shows the sentiment continuing to rise back from the bottom, which indicates that the selling pressures have eased off in the market.