A source in Labour, the UK's main opposition party, says there is no point in extending the cross-party talks with the ruling Conservative Party as the government is on the verge of collapse.
The move by Jeremy Corbyn's party comes after Tory backbenchers showed PM Theresa May the door. She pledged to set out a timetable for stepping down after the upcoming Brexit vote in early June. The PM promised to quit regardless of the result.
GBP/USD is trading very close to 1.2775, the swing low seen in mid-February. A loss of this level opens the door to levels last seen in January, with 1.2670 serving as the next support line.
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