GBP/USD remains stable near 1.2790, all eyes on cross-party Brexit talks

Having known the UK PM May’s intention to provide a timetable of her resignation and who could succeed her, the GBP/USD traders remain less active around 1.2790 while heading into the London open on Friday.

Even if pressure mounts on the UK PM Theresa May to resign, she has so far managed to convince 1922 Committee about her readiness to leave the post once her last effort to Brexit gets through the parliament during the week that starts from June 03.

The ex-Foreign Minister Boris Johnson has conveyed his desire to bid for the British PM via Tories once Mrs May steps down.

Traders now concentrate on the cross-party Brexit talks that are on their last-ditched efforts between the ruling Tory and the opposition Labour party.

Latest news reports from the BBC signalled another failure to agree over the Brexit proposal. However, no official confirmation is given for the same.

Should both the parties put an end to talks without any agreement, they will now discuss whether and how the Labour party could abstain from voting on the proposal when it's up in the parliament.

Elsewhere, the economic calendar is almost silent without any major details from the UK and only Michigan consumer sentiment index from the US. The consumer confidence gauge is likely to increase to 97.5 from 97.2.

Technical Analysis

The April month low surrounding 1.2865 is likely immediate resistance, a break of which can recall 1.2930 and 200-day simple moving average (SMA) level of 1.2960 back on buyer’s radar.

On the downside, mid-February bottom near 1.2775 and 1.2700 round-figure, could offer nearby support to the pair, a break of which opens the door to the quote’s south-run to January lows near 1.2670.