The pound held near recent highs, even as PM Boris Johnson once again reiterated his commitment to pull out of the EU on October 31 st . This comes even as lawmakers passed a last-minute law preventing a no-deal Brexit. The UK parliament is suspended for four weeks with investors waiting for further developments on Brexit.

GBP/USD Likely to Consolidate Near Support

The currency pair retreated from recent highs on a modest pullback. However, price is yet to test the support level at 1.2320. As a result, the GBPUSD downside is limited. But a break down below this support could trigger a sharper correction in the GBPUSD currency pair. To the upside, the resistance area of 1.2533 – 1.2511 remains within reach.

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