Chaos in Westminster - GBP under pressure

The pound remained at the lowest levels for the session after Cable dropped to 1.2462 after the news that Sir Alan Duncan had resigned as Foreign Minister. To some extent, this is not exactly the position in which he was the best (the EU negotiations) or one for which somebody now has time to think (tension in Iran), so time seems perfect.

However, things here will still be reflected in the big picture if Boris Johnson wins tomorrow. UK Finance Minister Philip Hammond has already decided to leave if it happens.

As for the price movement of the GBP / USD currency pair, we are approaching key levels, as we currently have a 100 MA test. If sellers pass this zone successfully, the next support comes at 1.2450 before a potential test at 1.2400.

Potential future resignations as a result of Boris Johnson's leadership will not produce very positive titles in the media as they jeopardize political security, but in essence things do not change so much unless there is a significant internal party struggle among Toritania's deputies that would leading to a vote against BoJo, which I do not see how it can happen.

Otherwise, just pay attention to how Johnoson will go through this whole brexit test in the coming months.

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