FxWirePro: GBP/USD maintains bullish bias with focus on 1.3000
The GBP/USD pair rose on Monday as sterling shrugged off a deadly attack in London and focused on this week's UK election. A dip in an index of services sector sentiment had little impact, and sterling then jumped into p…
The GBP/USD pair rose on Monday as sterling shrugged off a deadly attack in London and focused on this week's UK election.
A dip in an index of services sector sentiment had little impact, and sterling then jumped into positive territory after the latest poll from the ICM organisation showed Prime Minister Theresa May's Conservatives 11 points in front of the labour opposition.
Sterling has wobbled over the past two weeks, with investors' confidence that May would secure a landslide majority shaken by opinion polls predicting a wide range of outcomes for the June 8 snap election.
The pair is set to reach 1.2980 and later towards 1.3000 in the short term as the US dollar is set to weaken against sterling in the short term. Therefore it’s good to buy this pair on dips.
To the upside, the strong resistance can be seen at 1.2351, a break above this level would expose the pair towards next resistance level at 1.2386.
To the downside immediate support can be seen 1.2284, a break below at this level will open the door towards next level at 1.2215.
