The sterling was muted after PM Boris Johnson failed to secure his Brexit deal in the Parliament. As a result, the British PM sent a formal letter of extension to the EU.
The PM was also prevented from holding a key vote on Monday. However, the speaker of the house said that there was still scope for the UK to close the Brexit deal by October 31 st .
GBP/USD Maintains the Bullish Momentum
The currency pair continued to lift slightly higher. Prices tested a five-month high on Monday. However, GBPUSD is trading in the resistance zone. This makes it risky for the currency pair to reverse. If GBPUSD does not break the resistance level, then price action could slip to the lower support at 1.2582.
