GBP/USD: Sterling declined below the 1.2700 handle, after Boris Johnson, the frontrunner of the Conservative party leadership contest, stated that Britain will leave the European Union on October 31 with a deal or without a deal. The major traded 0.1 percent down at 1.2682, having hit a high of 1.2783 on Tuesday, it’s highest since May 21. Investors’ attention will remain on the UK Markit manufacturing PMI, consumer credit and M4 money supply, ahead of the U.S. fundamental drivers.
Immediate resistance is located at 1.2743 (June 5 High), a break above could take it near 1.2798 (May 17 High). On the downside, support is seen at 1.2642 (Jun. 21 Low), a break below targets 1.2611 (May 29 Low). Against the euro, the pound was trading 0.2 percent up at 89.30 pence, having hit a low of 89.92 on Friday, it’s lowest since Jan. 11.
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