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GBPUSD BEARISH FORMATION OUTLOOK!!!
UK Prime Minister Boris Johnson is facing a vote of no confidence from those within his party after the threshold of 15% of the party voted against the UK PM. According to Sir Graham Brady of the influential 1922 Committee, a ballot will be held between 1800 and 2000 UK today with arrangements for the vote announced later today. For Boris Johnson to remain in power he needs a simple majority in today’s vote. If he loses then a leadership contest, ex-Boris Johnson would be staged.
Sterling is little moved on the session with cable trading a touch higher due to the weakness of the US dollar. Initial support for the pair kicks in around 1.2460, while resistance is seen just under 1.2600. Little in the way of economic news to drive the pair today so consolidation ahead of tonight’s vote is likely.
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