FxWirePro: GBP/USD trades flat, markets await UK General Election
Cable broken the high of 1.2950 high made on Jun 6th 2017 and jumped till 1.29762 at the time of writing. It is currently trading around 1.29720. Polls have opened in the UK, 52 days after PM Theresa May’s surprise decis…
Cable broken the high of 1.2950 high made on Jun 6th 2017 and jumped till 1.29762 at the time of writing. It is currently trading around 1.29720.
Polls have opened in the UK, 52 days after PM Theresa May’s surprise decision to call an election three years early to strengthen conservative majority in Parliament.
Polls opened from 2 A.M ET to 5 PM E.T today. GBP is consolidating ahead of election results and any break above 1.3050 will happen only after the results. Any break above 1.3050 confirms bullish continuation. Any break above 1.3050 will take the pair till 1.3120/1.3220 (161.8% retracement of 1.30476 and 1.27688).
On the lower side, major support is around 1.27500 and any break below will drag the pair till 1.2705/1.26850 (38.2% retracement of 1.21088 and 1.30476)/1.2589 (200 – MA).
It is good to buy above 1.3050 with SL around 1.29950 TP of 1.3120/1.3200.
