FxWirePro: GBP/USD loses momentum but outlook is bullish
The GBP/USD pair inched higher on Tuesday as continued relief from the outcome of the first phase of French elections supported British pound. Centrist Emmanuel Macron is now expected to defeat far-right leader Marine Le…
The GBP/USD pair inched higher on Tuesday as continued relief from the outcome of the first phase of French elections supported British pound.
Centrist Emmanuel Macron is now expected to defeat far-right leader Marine Le Pen in the May 7 presidential runoff.
Expectations that centrist Emmanuel Macron will easily beat far-rightist Marine Le Pen in the second round on May 7 have fuelled a relief rally in the British pound.
The currency pair is trading at 1.2838 levels, it is set to advance further towards 1.2860 and later 1.2900 level in the short term.
To the upside, the strong resistance can be seen at 1.2906 a break above this level would expose to cable to next resistance level at 1.2940.
To the downside immediate support can be seen at 1.2756, a break below will open the door towards next level at 1.2700.
