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Cable slips to session low as May faces mounting opposition in parliament

GBP/USD touches a low of 1.2954 on the day


Not just in terms of the meaningful vote but now concerns are starting to mount that a leadership challenge may be called upon by noon today.
The bout of worries here is starting to weigh on the pound as cable drops back towards a test of the 100-hour MA (red line) @ 1.2947 next. The key downside level to watch out for though will be the 1.2900 handle and yesterday’s lows at the 1.2880 levels. If price manages to hold a break below that, Monday’s low @ 1.2828 will be eyed next.
The headlines today so far has been pretty much negative for the pound but the declines here are very modest thus far. This suggests that much of the negativity has been priced in so be wary of any surprising headlines on the positive front. I reckon the pound will spike by quite a bit if that comes about, although it is unlikely at this juncture.
But in politics, you can’t really rule anything out.

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