FxWirePro: GBP/USD struggles to break above 1.2950 on account of U.K elections, targets 1.3045
Cable trimmed its early gains after hitting intraday 1.29497. Market awaits U.K election results on Friday for further direction. According to latest general elections polls, the gap between Labor party and Conservative …
Cable trimmed its early gains after hitting intraday 1.29497. Market awaits U.K election results on Friday for further direction. According to latest general elections polls, the gap between Labor party and Conservative narrows down to 10 from 17.8 points.
On the higher side, minor resistance is around 1.2940 (61.8% retracement of 1.30457 and 1.27688) and any break above will take the pair till 1.2950/1.3000. Any major bullishness can be seen only above 1.3050.
Cable major support is around 1.2750 (Apr 21st low) and any break below will drag the pair down till 1.2705/1.2600. The minor support is around 1.2890 (21 – 4H EMA)/1.2847 (200- 4H EMA).
It is good to buy only above 1.2950 with SL around 1.28900 for the TP of 1.3050/1.3120.
