The kick off to the top spot at 10 Downing street started yesterday with the favorite, Boris Johnson leading the way. The UK Conservatives voted through seven candidates with three being eliminated. The next round of voting is due to take place this coming Tuesday. The sterling was however muted to the news as it continues to trade flat.
Will GBPUSD Breakout from its Range?
The GBPUSD currency pair has managed to post some modest gains. However, price was seen testing the upper end of the range at 1.2716 before giving up the gains. Price remains flat and we could expect to see this ranging price action continue for a while. The chances of a decline lower to 1.2606 is limited for the moment. GBPUSD will need to break out above 1.2716 to confirm further upside in price.
