FxWirePro: GBP/USD hits four month high, scope for further upside
GBP/USD rose sharply on Tuesday as sterling was boosted after British Prime Minister Theresa May called for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union. …
GBP/USD rose sharply on Tuesday as sterling was boosted after British Prime Minister Theresa May called for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union.
Britain joins a list of western European countries scheduled to hold elections this year. Votes in France in April and May, and in Germany in September, have the potential to reshape the political landscape around the two years of Brexit talks with the EU expected to start in earnest in June.
The ongoing upside is set to continue for this pair as the support level at 1.2600 is likely to act as strong barrier to the bears.
To the upside, immediate resistance can be seen at 1.2770, a break above this level would expose the cable to next resistance level at 1.2827 levels.
To the downside strong support can be seen at 1.2719, a break below at this level will open the door towards next level at 1.2669.
