FxWirePro: GBP/USD slides as UK political turmoil deepens

• GBP/USD dipped on Thursday   as political uncertainty intensified following the resignation of Health Secretary Wes Streeting.

• Prime Minister Keir Starmer's future hung in the balance after Wes Streeting resigned as health minister and called for his ouster, following disastrous results for the Labour Party in last week's local elections.

•Investors are ​worried that Starmer's potential ​successor could advocate for ⁠increased spending, adding pressure to Britain's already strained finances.

•Data showed Britain's economy grew unexpectedly in March, suggesting it was in better shape than many feared after a sluggish fourth quarter last year.

•   Immediate resistance is located at 1.3535( SMA 20), any close above will push the pair towards 1.3596(61.8%fib)

•  Strong support is seen at 1.3419(50%fib) and break below could take the pair towards 1.3397(Lower BB).

  Recommendation: Good to buy around 1.3540, with stop loss of 1.3600 and target price of 1.3470