GBP/USD: Sterling eased, hovering towards a near 5-month low recorded last week, as a survey showed uncertainty over Britain’s departure from the European Union has triggered a sharp drop in business confidence in Europe over the past six months. Moreover, concerns over who will succeed Prime Minister Theresa May further undermined the bid tone around the British pound. The major traded 0.05 percent down at 1.2630, having hit a low of 1.2605 last week; it’s lowest since Jan, 3.
Investors’ attention will remain on the U.S. fundamental drivers, ahead of UK GfK Consumer Confidence. Immediate resistance is located at 1.2691 (10-DMA). a break above could take it near 1.2747 (May 27 High). On the downside, support is seen at 1.2581 (Jan. 2 Low), a break below targets 1.2529 (Dec. 18 Low). Against the euro, the pound was trading flat at 88.15 pence, having hit a low of 88.50 on Friday, it’s lowest since Jan. 21.
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