​The British pound falls further ahead of the Cabinet meeting

​The British pound falls further ahead of the Cabinet meeting

The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK. It pulled the British pound to the lows of the middle of August. GBP/USD has tested the support at 1.2050. If bears manage to break this level, the next support will lie at 1.2014. From the upside, pay attention to the 1.2097 level.
Up next we are awaiting the Cabinet meeting later today, where the members are going to discuss potential lawmaker's effort to stop a no-deal Brexit.
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Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.

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