The British pound has slipped lower against the U.S dollar in early Monday trading, hitting 1.3106, as UK political uncertainty hurts GBPUSD trading sentiment. The pair is currently trading around the 1.3120 level, after news over the weekend showed that UK Prime Minister Theresa May’s leadership is again being questioned, as forty members of the Conservative Party signed a no-confidence letter against her. Sterling traders are likely to remain cautious, ahead of key Inflation figures being released from the UK economy on Tuesday.
The GBPUSD pair is likely to remain intraday bearish while trading beneath the 1.3130 technical level. Further intraday declines towards 1.3109 and 1.3058 levels seem probable.
Should price-action move above the 1.3130 technical level, further upside toward the 1.3168 and 1.3200 levels seems likely.
