The GBP/USD pair remained heavily offered through the mid-European session on Monday, with bears now eyeing a move towards challenging the 1.2300 handle.

The bearish pressure surrounding the British Pound remained unabated on the first trading day of the week amid rising odds of a no-deal Brexit - especially the new British PM Boris Johnson assembled a cabinet that advocates a hard-line stance about leaving the European Union.

The already weaker sentiment deteriorated further after the UK foreign secretary Dominic Raab reiterated the government's stance on Brexit negotiations and called the EU stubborn, which did little to ease market fears that the UK will crash out without a deal on October 31.

Source: fxstreet