Developments in the UK related to Brexit saw Prime minister May inching closer to a potential resignation. This follows the latest Brexit plans tabled in the Parliament. The new set of Brexit plans raised more criticism. Lawmakers demanded that May clarifies by today on when she will resign as the Prime Minister.
GBPUSD Bounces Off Lower Support
The currency pair posted a modest rebound as price tested the lows of 1.2606. However, GBPUSD will need to clear the upper resistance as 1.2716 in order to confirm the upside shift in the bias. For the moment, we expect the cable to maintain a sideways range within these levels. Consolidation at the current range could mean that the bias could shift in any direction leading to the next leg of the trend.