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FxWirePro: GBP/USD trades calm ahead of UK elections, good to sell on rallies

  • Cable is consolidating in narrow range between 1.27685 and 1.29211 for the past five trading session . The pair movement is driven by political uncertainty in U.K.  Market eyes UK election on Thursday for further direction .The support for PM Theresa May and conservative tumbled in recent weeks and a minor surge in the support for Labor party and leader Jeremy Crobyn. The pair is currently trading around 1.28962.
     
  • On the higher side, minor resistance is around 1.2905 (10- day MA) 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 1.2815 (200 – EMA).

It is good to sell on rallies around 1.2915 with SL around 1.2955 for the TP of 1.2765.

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