Breaking News: Sterling slides lower to 50-DMA as May says UK is ready to leave with no deal if it has to

UK Prime Minister Theresa May delivers her keynote speech at the final day of the Conservative Party Conference in Birmingham saying "Britain is not afraid to leave with no deal if we have to."

The GBP/USD is now trading at daily lows of around 1.2970 representing 50-day moving average on a daily chart that currently serves as a support level that, if broken, sees targets around 1.2935 and 1.2900 further down.

Ahead of the speech, Tory MP James Duddridge sent a letter of no-confidence, calling for the PM to quit. It is unclear how strong party rebels are.