British MPs were in favour to delay the Brexit deal over the weekend, stalling the UK’s exit from the European Union. The Cable was pressured to the 1.29 region after Prime Minister Boris Johnson was told to ask for an extension for Brexit, during Saturday’s session. 

The GBP/USD opened Monday’s opening at 1.2974, undergoing a -0.46% change. With the UK parliament unsatisfied and unconvinced, Johnson was forced to ask the EU for a 3-month extension to article 50. The Guardian reports that the British Prime Minister will ask parliament again on Monday for support. Therefore, the UK’s exit remains to be unclear and traders are not expecting it to happen for the next 3 months. The British Pound faces pressures in markets. 

The pound was close to reaching new highs on Friday – the highest in 5 months when compared against the euro and the dollar. 

The EUR/USD held its gains, as it trades in the 1.1150 area. China’s statement that trade war talks are progressing as well as the optimism around Brexit helped boost the pair. The currency pair opened the market at 1.117, after reaching the highest handle mid-August. 

Traders focus on Thursday’s monetary policy update.