GBP/USD: Sterling consolidated within narrow ranges, as PM May’s departure will deepen the Brexit crisis as a new leader is likely to want a more decisive split, raising the chances of a confrontation with the European Union. The major traded 0.05 percent up at 1.2685, having hit a high of 1.2747 on Monday; it’s highest since May 21. Immediate resistance is located at 1.2774 (38.2% retracement of 1.3047 and 1.2605). a break above could take it near 1.2827 (50.0% retracement). On the downside, support is seen at 1.2647 (May 24 Low) a break below targets 1.2581 (Jan. 2 Low). Against the euro, the pound was trading 0.1 percent up at 88.20 pence, having hit a low of 88.50 on Friday, it’s lowest since Jan. 21.
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