The Brexit drama and the political fallout eventually lead to the British Prime Minister, Theresa May announcing her resignation on Friday. Her resignation was widely expected amid growing opposition and her failure to deliver Brexit. The British pound reacted positively as the cable jumped 0.45% on the day.
Can GBPUSD Maintain the Upside Bias?
The GBPUSD briefly slipped to a four-month low last week before breaking higher. By Friday’s close, the sterling was seen stalling near the immediate resistance level of 1.2716. With the range being established within 1.2716 and 1.2606, we expect some sideways consolidation. Only a breakout from this range will determine the next direction in the trend. The bias is to the upside if there is a successful breakout above 1.2716 on a daily closing basis.
