The GBPUSD pair has dropped as the expectations for a Brexit breakthrough this week are dialed back. PM Boris Johnson was on the wires before and the overall impression of his remarks was, ‘don’t expect any breakthrough this week’. Hence, Brexit remains GBP’s key driver.
The other driver for the GBP to watch out for is the decision of the Supreme Court due this week. There is a rumor that the UK Government is set to lose, however then will quickly look for a prorogation on alternative grounds.