The GBP was volatile against the USD yesterday following the wake of the Brexit vote. Voted down by a record 230 margin yesterday, UK Prime Minister Theresa May has until Monday to work on a “Plan B’ and return it to parliament as she survived the no-confidence vote earlier this morning.
Defeating the motion raised by the leader of the main opposition Labour party Jeremy Corbyn, May said her government would continue to work on Brexit and find a way forward that was backed by the house. Market sentiment is towards the decrease in the prospect of a disruptive ‘no deal’ Brexit taking place, as a parliamentary majority is in favour of a softer Brexit, or no Brexit at all.
While the market awaits the March 29th deadline, the Pound sees further macroeconomic releases tomorrow that is expected to have a major impact on the currency. The Office for National Statistics will release its data on Retail Sales, outlining the change in the total value of inflation-adjusted sales at the retail level.
The Pound opened at 1.2895 against the USD this morning.