GBPUSD tumbles below both the 100 and 200 day MAs

The GBPUSD is the biggest mover in the FX market today, falling -0.92% as political uncertainty in the UK weighs heavily on the pound. The resignation of Wes Streeting as Health Secretary has fueled speculation about a potential leadership challenge to Prime Minister Starmer. At the same time, Andy Burnham has emerged as another possible contender after signaling a willingness to return to Parliament, following Labour MP Simon’s indication he would step aside to allow Burnham to run.