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  • Johnson is set to replace UK PM Theresa May.
  • It is Spring Bank holiday in the UK and Memorial Day in the US as the stock markets are closed this Monday. Foreign exchange markets stay open.  
  • GBP/USD keep being under pressure.

GBP/USD daily chart

GBP/USD has been under strong selling pressure in May as the Brexit drama pushed the currency pair to near 1.2600 the figure.

GBP/USD 4-hour chart

GBP/USD is once again under selling pressure as the bears are keeping Cable below 1.2750 and the 50 simple moving average (SMA).  

GBP/USD 30-minute chart

Bears are challenging the 1.2700 figure and the 200 SMA. There seems little the market can do to prevent a drop towards 1.2650 and potentially to 1.2600 again. Resistance is at the 1.2700 and 1.2750 levels.  

Additional key levels