The GBP/USD declined sharply on Friday as sellers stepped in after opinion poll showed Prime Minister Theresa May's lead down to just 5 percentage points over the Labour opposition less than two weeks before a general el…
The GBP/USD declined sharply on Friday as sellers stepped in after opinion poll showed Prime Minister Theresa May's lead down to just 5 percentage points over the Labour opposition less than two weeks before a general election.
The British pound was also weighed down after U.S. gross domestic product in the first quarter and data on durable goods orders in April came in a bit stronger than analysts forecasts.
The pound hit a three-week low of $1.2787, more than two cents below last week's six-month highs.
The pair remains under bears control unless until it trades below 1.2865 resistance level, therefore it is good to sell this pair on rallies.
To the upside, immediate resistance can be seen at 1.2810, a break above this level would expose to cable to next resistance level at 1.2865.
To the downside immediate support can be seen at 1.2786, a break below will open the door towards next level at 1.2754.
