25 pips away from support
The market is giving up on Downing Street and UK Parliament as a whole. Signs that anything Brext related will be voted down are weighing on GBP.
The pound spiked higher on local elections on (misplaced) optimism that it would spur dealmaking between Labour and Conservatives but that’s been totally wiped out and now the pound is threatening the February low.
That bottom was 1.2773 and the pair is trading at 1.2796. I don’t know if there’s is much left to squeeze but watch closely at the London fix and into the London close because that will be a chance go make a stand or push it lower. If there’s a big fixing move, beware of a reversal afterwards.