GBP/USD unnerved by threats of opposing tory no deal better than a bad deal

Currently, GBP/USD is trading at 1.2626, down -0.02% on the day, having posted a daily high at 1.2636 and low at 1.2623.

GBP/USD is unchanged on the PM May headline, "we will see Brexit through". The day has not been a kind one for the pound, with Europeans selling the pound hard and the subsequent follow through in the US session. Carney has come out and said that the rates in the UK are on put for the foreseeable future and that was enough to see the pound down within a hair's breadth of the 1.2600 psychological level. 

UK PM May: Govt will consult and listen but clear we will see Brexit through

Brexit negotiations started this week and the pound is most certainly one to watch over the coming weeks. What is going to prove difficult for PM May are the opposition of MP's who say that a 'No Brexit deal' is unacceptable. 30 Tory MPs just told tell Number 10 this according to Sky News. Next up, as a reminder, we have Chief Economist Haldane speaks at 7am ET on Wednesday.

GBP/USD levels

"We look for losses to extend to the 200-day ma at 1.2558 and then the 1.2468/61.8% retracement," explained analysts at Commerzbank who went on to say that there is potential for the 1.2366 the 10th April low. On a correction, the upside has 1.2642/36, which held the downside 3 times and could be a strong level of resistance with ultimate upside target at 1.2836.