GBP/USD: Sterling consolidated above a 6-month low hit in the prior session, amid heightened expectations that the Bank of England will cut interest rates in 2020. Moreover, looming concerns over a no deal Brexit and increased UK political uncertainty continued to dent the bid tone around the British pound. The major traded flat at 1.2526, having hit a low of 1.2481 on Friday, it’s lowest since Jan. 3. Investors’ attention will remain on development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2579 (5-DMA), a break above could take it near 1.2636 (10-DMA). On the downside, support is seen at 1.2506 (June 18 Low), a break below targets 1.2481 (July 5 Low). Against the euro, the pound was trading flat at 89.54 pence, having hit a high of 89.19 last week, it’s highest since Jun. 25.
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