GBP/USD: Sterling rebounded from a 2-week low despite persisting concerns over Britain’s chances of striking a Brexit withdrawal deal with the European Union before the October 31 departure deadline. Investors also await the governing Conservative Party’s decision to name either Boris Johnson or Jeremy Hunt as its new leader on July 23.
The major traded 0.1 percent up at 1.2578, having hit a low of 1.2557 on Wednesday, it’s lowest since June 19. Immediate resistance is located at 1.2655 (5-DMA), a break above could take it near 1.2743 (June 5 High). On the downside, support is seen at 1.2542 (June 19 Low), a break below targets 1.2506 (June 18 Low).
Against the euro, the pound was trading 0.1 percent down at 89.70 pence, having hit a high of 89.19 on Tuesday, it’s highest since Jun. 25.
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