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GBP/USD accepts offers to revisit intraday lows near the 1.1200 support level as traders await the UK Retail Sales report on Friday morning. In addition to the pre-data concerns, the political instability in Britain weighs on the Cable pair in the context of a strengthening US Dollar Index (DXY) and US Treasury yields.

Liz Truss resigned as Prime Minister of the United Kingdom after holding the position for the shortest amount of time. Truss's resignation was primarily attributable to the pessimistic economic policies outlined in the "mini-budget" and the British distaste for the same, which sparked concerns about the return of Boris Johnson as UK prime minister. Notable is that Reuters reported, "The Conservative Party, which retains a large majority in parliament and does not need to schedule a nationwide election for another two years, will nominate a new leader by October 28 - Britain's sixth prime minister in six years."

According to the most recent statistics released on Friday, the UK's GfK Consumer Confidence improved to -47 in September from a record low of -49 the previous month. As a result of the statistics, Reuters reported that consumer confidence among British consumers remained around a record low this month, with households facing double-digit inflation, rising interest rates, and political turmoil, as shown by a survey conducted on Friday.

It is vital to note that the UK's headline inflation rose to a multi-year high near 10% earlier in the week, hence increasing the likelihood of the Bank of England (BOE) raising interest rates more quickly/more aggressively. Consequently, today's UK Retail Sales, which are anticipated to rise to -0.5% MoM in September from -1.0% MoM in August, will be significant for GBP/USD buyers, as a stronger number could prevent the pair from breaking the immediate major support.

Nonetheless, hawkish Fedbets and multi-year high US Treasury bond yields could weigh on the quotation alongside aggressive Fedspeak. Additionally, political developments in the United Kingdom will be vital to monitor for new impetus.

The 10-DMA is joined by an upward-sloping trend line from September 28 to limit immediate GBP/USD fall around 1.1200. The pair's buyers remain indifferent, though, until the price crosses a five-week-old resistance line near 1.1330.

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