GBP/USD was relatively stable as Theresa May stabilized her government. Nevertheless, the EU Summit and political support remain uncertain. The upcoming week also features a few additional releases of interest. Here are the key events and an updated technical analysis for GBP/USD.
The rebellion against Theresa May faltered as fewer than 48 MP’s sent letters calling for a leadership challenge. On the other hand, it remains unclear if she will have enough support for the Brexit deal in parliament after the EU Summit. And even the EU Summit may not prove to be a rubber-stamp event. Spain raised objections regarding the status of Gibraltar and the UK may still try to negotiate some parts of the withdrawal deal or the accompanying political declaration. BOE Governor Mark Carney and his colleagues testified and conveyed a message that they expect a smooth Brexit transition in their forecasts.
Updates:
GBP/USD daily graph with resistance and support lines on it. Click to enlarge:
