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. The growing political uncertainty has added another layer of pressure to an already vulnerable currency.From a technical perspective, the pair showed warning signs yesterday when buyers initially defended the 100-day moving average. However, today’s price action told a very different story. Sellers pushed the pair decisively below the 100-day moving average, then through the 38.2% retracement of the rally from the April 1 low at 1.34669, and below an important swing area extending to 1.3446.Once those support levels gave way, downside momentum accelerated. The pair broke below both the 200-day moving average at 1.3423 and the 50% retracement level at 1.3408, with the low reaching 1.3396 before staging a modest rebound. That recovery lacked conviction, however. The corrective bounce stalled at 1.3409, and the pair has since rotated back below the 1.3400 level, currently trading near 1.3398.The price action suggests sellers remain firmly in control. Heading into the new trading day, the 200-day moving average at 1.3423 is now the first key risk-defining level for shorts. More conservative risk parameters come in closer to 1.3467. As long as the price remains below those levels, the bearish bias stays intact. A move back above them, however, could disappoint breakout sellers and trigger a sharper corrective rebound. This article was written by Greg Michalowski at investinglive.com.