GBP/USD: Sterling tumbled to a 5-1/2 month low as investors worried about the risks of a hard exit from the European Union on signs that arch-Brexiteer Boris Johnson may be a step closer to becoming Britain’s next prime minister.
The major traded 0.1 percent down at 1.2526, having hit a low of 1.2511 earlier; it’s lowest since Jan 3.
Immediate resistance is located at 1.2570 (23.6% retracement of 1.2758 and 1.12511), a break above could take it near 1.2635 (50% retracement).
On the downside, support is seen at 1.2476 (Dec. 12 Low), a break below targets 1.2435. Against the euro, the pound was trading 0.2 percent up at 89.33 pence, having hit a low of 89.74 earlier, it’s lowest since Jan. 15.
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