GBP/USD rises above 1.30; May set to become UK PM

GBP/USD rose briefly above 1.3000 amid news Theresa May is set to be confirmed as leader of the UK's Conservative party and Prime Minister, after Andrea Leadsom pulled out of the leadership contest.

GBP/USD advanced from a low of 1.2849 to a high of 1.3016 amid news but failed to hold above the psychological level and retreated slightly. At time of writing, the pair is trading at 1.2986, up 0.29% on the day.

GBP/USD levels to watch

In terms of technical levels, immediate supports are seen  at 1.2849 (Jul 11 low), 1.2797 (31-year low, Jul 6) and 1.2700 (psychological level). On the other hand, resistances line up at 1.3045 (Jul 7 high), 1.3119 (Jun 27 low) and 1.3140 (10-day SMA).