The Great British Pound started the week with an upswing, reaching a peak of 1.3365 however, it dropped and bounced only at the round number of 1.3100 against the Greenback as growing tensions surrounding UK Prime Minister May and US President Trump dragged the pair lower. Trump had disapproved of May's Brexit policy and said it would threaten a trade deal between the US and the UK, weighing on the Pound. He later went on to publicly apologise for his reported attack on UK PM May’s Brexit strategy and apparent support for Boris Johnson saying a free trade deal was “absolutely possible”, praising Theresa May as a “tough negotiator”.
On Sunday, during a live interview with the BBC, PM May revealed Trumps big advice regarding Brexit, he told her that she should sue the EU over Brexit terms, and should not "go into negotiations", effectively pushing for an extreme, hard-Brexit scenario that would prove economically devastating for the UK and its businesses all of which the PM found quite amusing. This Monday, the House of Commons will review the government's trade bill, and May hopes there won't be amendments to it. A clean vote that supports her strategy will likely help the Pound advance.
Looking ahead we see the release of Rightmove’s House Price Index. The earliest report on UK house prices showed a rise of 0.4% in June, slower than in May. We may see another month of modest growth now.
On the technical front, immediate support at 1.3180 following by 1.3155, on the up side, resistance at 1.3240 and 1.3285.