GBP/USD Bears Face Headwinds Near 2026 Low After UK PM Resignation
GBP/USD remains near its 2026 low of 1.3159, with support at 1.3163, as the UK Prime Minister's resignation adds uncertainty. Bears are encountering stronger headwinds, suggesting a potential pause or reversal.
The British pound continues to trade close to its 2026 low against the US dollar, with the pair hovering around the 1.3159 level posted on March 31 and again last Friday. Supporting the pair is a trendline at 1.3163, which has so far prevented a deeper selloff.
Adding to the mix is the resignation of the UK Prime Minister, a development that introduces political uncertainty. However, instead of boosting bearish momentum, the news has put increased headwinds in front of sellers, hinting at possible exhaustion or repositioning.
Traders are watching whether the 1.3159-1.3163 zone holds as support. A breakdown could open the door to further losses, but the current setup suggests bears may struggle to push lower without additional catalysts.
Source: FXStreet Forex News