GBPUSD struggling near 1.2750 ahead of G-20 Summit later this week. The pair tested 1.27800 in the early trading session despite a sharp drop in the UK CBI Retailing Reported Sales and broad US Dollar Recovery.
The pair finally reached 1.2760, albeit increasing fears of a no-deal Brexit kept a lid on any strong follow-through up-move. The fact that hardline Brexiteer Boris Johnson remains the favourite candidate to be Britain’s next Prime Minister, bullish traders remained on the sidelines and still seemed reluctant to place any aggressive bets.

Speaking to LBC radio this Tuesday, Johnson reiterated his intent to leave the EU by October 31 and said that the Brexit deal is basically dead, though plans to keep only some parts of the existing agreement. The UK PM candidate further added that Britain could agree with the EU to go forward together on a GATT 24 basis and it would be bizarre if the EU decides to impose tariffs on UK goods.Looking on to the daily time frame, as of writing GBPUSD currently trading at 1.27502, should have a close above the 1.2770 region for a break to the upside, which targets 1.2870 .