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Jul 07 - 06:55 AM

GBP/USD - Up To Threaten 1.20 On Reports PM Johnson To Resign

By Rob Howard  —  Jul 07 - 04:35 AM
  • Cable jumps half-a-cent to threaten 1.20 on reports UK PM Johnson to resign

  • See: nL8N2YO1BHnL8N2YO214. 1.20 is ex-support turned resistance level

  • Offers ahead of 1.20 capped GBP/USD 24 hours ago, before drop to 1.1877

  • 1.1877 = lowest level since March 2020 (1.1413 was 35-year low that month)

  • Uncertain who will succeed Johnson amid Tory policy divisions nL8N2YN1OK

  • Mordaunt, Sunak, Wallace, Truss and Javid among names-in-frame nL8N2XT1A4

Source:
Refinitiv IFR Research/Market Commentary

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