FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption
GBP/USD declined on Thursday as worries about the political landscape in the United Kingdom weighed on Sterling. Investors were awaiting British election results and Comey's testimony, which will turn the spotlight on a …
GBP/USD declined on Thursday as worries about the political landscape in the United Kingdom weighed on Sterling.
Investors were awaiting British election results and Comey's testimony, which will turn the spotlight on a clash between him and U.S. President Donald Trump.
A final opinion poll published on Thursday as Britons vote in a national election showed Prime Minister Theresa May's Conservatives widening their lead to 8 percentage points from 5 points, suggesting her gamble to call the vote to strengthen her position in Brexit negotiations will pay off.
Currently, the currency pair is trading at 1.2923 levels, it is set to decline further towards 1.2870 and later 1.2830 levels in the short term.
To the upside, the strong resistance can be seen at 1.2979, a break above this level would expose to cable to next resistance level at 1.3000.
To the downside immediate support can be seen at 1.2892, a break below will open the door towards next level at 1.2868.
