The currency pair declined last week as Boris Johnson will be the new Prime-Minister of the UK. He is known for his hard Brexit comments. He has promised to exit the EU before October 31, 2019, the latest deadline, set for the country to leave the economic and politic union regardless any deal.

US data was positive the last week and we have mentioned it in our EUR/USD review already.

If GBP/USD breaks down the support at 1,2372, the downtrend will develop towards 1,2108 at least. This idea is supported by the fundamental situation around the currency pair.