GBP/USD technical analysis: Cable is back under selling pressure as Brexit weighs on the Pound

• Johnson is set to replace UK PM Theresa May.
• It is Spring Bank holiday in the UK and Memorial Day in the US as the stock markets are closed this Monday. Foreign exchange markets stay open. 
• GBP/USD keep being under pressure.

GBP/USD daily chart

GBP/USD has been under strong selling pressure in May as the Brexit drama pushed the currency pair to near 1.2600 the figure.

GBP/USD 4-hour chart

GBP/USD is once again under selling pressure as the bears are keeping Cable below 1.2750 and the 50 simple moving average (SMA). 

GBP/USD 30-minute chart

Bears are challenging the 1.2700 figure and the 200 SMA. There seems little the market can do to prevent a drop towards 1.2650 and potentially to 1.2600 again. Resistance is at the 1.2700 and 1.2750 levels. 

Additional key levels