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The Pound is hoping for positive voting results in the Parliament. Overview for 12.03.2019

12 march 2019 - Fx4News

On Tuesday morning, GBPUSD is trading upwards; the British policymakers are going to vote on the Brexit agreement today. 

The British Pound is rising a little bit against the USD on Tuesday morning. The current quote for the instrument is 1.3209. 

Yesterday, the Pound got some support from rumors that the British Prime Minister Theresa May might visit the European Union for unscheduled talks on revisions to the Brexit agreement. They said it might happen as early as on Monday, because after that the European Commission would have to make the final decision. 

It seems like investors believe that delays in the Brexit, which is scheduled to start on March 29th, offer hope for an agreement terms approval and reduce the likelihood of the worst-case Brexit scenario. 

In the afternoon, the United Kingdom is going to report on the industrial sector in January: the Industrial Production (expected at +0.2% m/m after losing 0.5% m/m the month before), the Construction Output (expected at +0/9% m/m after decreasing by 2.8% m/m in December), and the Manufacturing Production (expected at +0.2% m/m after being -0.7% m/m in the previous month).

So far, one can’t say that the industrial sector is back to its full power. If actual readings match market expectations, there might be only a correction. The sector won’t probably completely recover as long as the consumer demand and the Export aren’t too good. 

Later, the UK will publish the January GDP report, which is expected to show +0.2% m/m after -0.4% m/m in December. If the actual reading is not worse than expected, the Pound may find some support. 

During the late evening, the British Parliament is going to vote on the revised Brexit agreement with the European Union. This event may really increase volatility in GBPUSD.

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