Breaking international law in a “limited way”

Jonathan Jones, head of the U.K. government legal service, has resigned and it is reported that his departure was due to Prime Minister Boris Johnson's plan to overwrite parts of the Northern Ireland protocol. Brandon Lewis, secretary of state for Northern Ireland, said the plan "does break international law in a very specific and limited way". GBP/USD has hit the lowest level since July 30.

From a technical point of view, on a 30-min chart, GBP/USD is trading within a bearish channel, capped by its declining 50-day moving average (in blue). The daily RSI remains within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3055. The nearest support would be set at 1.2895 and a second one would be set at previous overlap at 1.2845 in extension.

Source: TradingView, GAIN Capital


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