The GBPUSD is dropping to 1.2462 as the Sterling slipping to the lows for the day while traders having to deal with the possibility of Johnson’s leadership. The latest news that the UK Foreign Office Minister Alan Duncan has resigned from his position, turned out to be the key factor weighing on the Sterling.
But, this holds more consequences on the broader picture should we see Boris Johnson come out triumphant tomorrow.
As for the pair price action, we’ve moved toward a key level on the day as price appears to challenge a break beneath the 100-hour Moving Average at 1.2469. Should sellers deal with that, further support is seen near 1.2450 before we move towards a potential test of the 1.2400 handle again.
Focus on tomorrow’s UK election.