GBP/USD Labour Government honeymoon proving short-lived?

The price action of the GBP/USD, failing to hold a gain above 1.30 last week was clearly rather disappointing. Of course that is partly due to the dollar, but the initial reaction in the Pound to the new Labour government was positive. However, right now that honeymoon is looking a little shaky in terms of delivering a lasting, positive relationship between the currency and the government. The GBP/USD closed on Friday at 1.2914 after holding above the 1.29 handle (1.2901 the low). The high seen earlier today was set at 1.2939. That came as the dollar initially fell slightly on the news of Biden dropping out of the presidential race. However, since then the Pound has edged back down again. If it falls below 1.29 from here, the next support is in place at 1.2860. The GBP/USD is currently trading at 1.2914