GBPUSD bearish since 6th may, has broken the February 14th low at 1.27729 , in today’s early trading sessions.The bearish pressure might continue for the pair for the last trading day. Backbenchers of the ruling Conservative Party have shown PM Theresa May the door. She pledged to set out a timetable for stepping down in early June, just after the next Brexit vote and regardless of the result. Johnson, a staunch Brexiteer is the leading candidate to replace her.If the former Foreign Secretary enters Downing Street, he may take the UK out of the EU without a deal, the worst case for markets.
The opposition Labour party will likely end the cross-party talks now that May is on her way out. Leader Jeremy Corbyn is reportedly warming up to supporting a second referendum. If this option of potentially reversing Brexit altogether gains traction, the pound will have room to recover. The pair breaking the Daily support at 1.27800 will continue its drop to 1.27000 and weaker Brexit data at the month of June as discussed, the pair might further fall to December 2018 Low at 1.25000