GBP/USD soars as UK Parliament blocks a no-deal Brexit

• UK Parliament votes to reject a no-deal Brexit.
• Political uncertainty reins amid rumors of resignations from the UK cabinet. 
• Cable spikes to 1.3277 and pulls back modestly. 

The GBP/USD pair rose after the Brexit related votes at the UK Parliament. It reached a fresh daily high at 1.3280 and pulled back modestly. As of writing trades at 1.3250, up almost 200 pips for the day, despite all the political uncertainty. 

Cable erased yesterday’s losses and is about to post the highest close in two weeks as it trades close to February highs. The pound remains strong in the market despite the political chaos in the UK. 

The UK Parliament passed legislation to prevent the UK from making a Brexit without a deal. The House of Commons passes May’s backed motion (321 - 278) but previously also an alternative measure, the Spelman amendment (312 - 308), a defeat to May. 

UK PM spoke after the votes and mentioned that the options remain the same as before, including a “damaging” second referendum. At the same time, the media is reporting of resignations at the cabinet. 

Technical levels