The British Pound gains support from reduced political risk ahead of a new prime minister’s expected appointment by July 20.
The GBP/USD pair rose to 1.3405 in early European trading, supported by easing political uncertainty in the UK. Keir Starmer’s resignation in late June has reduced volatility, with frontrunner Andy Burnham poised to become prime minister by July 20.
Technical indicators show a mildly bullish bias, with the pair trading above its 100-day simple moving average and the Bollinger middle band. The Relative Strength Index at 57.6 suggests modest upside momentum, though resistance near 1.3470 may cap gains.
Immediate support lies at 1.3300, with deeper pullbacks likely limited to 1.3130. The Bollinger Bands continue to widen, signaling potential volatility ahead.