GBPUSD closed 0.26% higher yesterday despite the fact that British MPs rejected PM Johnson’s bill to hold elections on December 12. The pound still trades between two important – support and resistance – levels.
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Despite the support of 299 elected deputies, Johnson’s bill was nowhere near the 2/3 majority needed under the Fixed-Term Parliaments Act. According to BBC, the PM will soon launch the fourth bid to secure an early general election.
Johnson plans to propose a bill that will need only simple majority this time. However, he would still need votes from opposition parties for it to pass.
Technically, GBPUSD recorded almost no reaction to news that Parliament rejected Johnson’s latest proposal for elections. The pound trades between two important levels – $1.2770 horizontal support and $1.3100 ascending trend line resistance.Download our latest quarterly market outlook for our longer-term trade ideas.
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