GBP/USD hits weekly highs near 1.3270 as UK Parliament awaits results on indicative votes

• Pound among top performers of the day. 
• Cable hits fresh highs but still unable to hold clearly above 1.3250. 
• UK Parliament holds a series of indicative votes. 

The GBP/USD pair rose further during the US sessions and climbed to 1.3267 reaching a 1-week high but the pulled back to the 1.3250 area. As of writing, was trading at 1.3245/50, consolidating a daily gain of around 45 pips. 

The pound is among the top performers of the day. The Brexit drama continues to be the key driver. Today UK PM Theresa May offered to quit as PM if her Brexit deal passes. House of Commons Speaker John Bercow mentioned again that May’s deal can only be voted if it is modified. The UK Parliament will holds a series of indicative votes regarding Brexit. 

GBP/USD Technical outlook 

The pair holds a bullish tone that could be reinforced if it manages to consolidate on top of 1.3250. “The pair is at the upper end of its weekly range, not far from its daily high of 1.3268 ahead of the result. The short-term picture is positive, as in the 4 hours chart, a bullish 20 SMA kept containing declines, while technical indicators hold within positive levels, the momentum directionless in neutral territory, and the RSI heading north around 57”, said Valeria Bednarik, Chief Analyst at FXStreet.

She warns that the upcoming direction will depend on Brexit headlines, should the market finally sees some definitions, which will largely overshadow technical readings.