FxWirePro:GBP/USD trade lower after U.K election ends in hung parliament , good to sell on rallies
Cable has shown huge sell off after U.K election results. The pair declined almost 2% in the Asian session and hits 1.26500. U.K elections end in hung parliament and no party has gained a clear majority. There are 650 se…
Cable has shown huge sell off after U.K election results. The pair declined almost 2% in the Asian session and hits 1.26500.
U.K elections end in hung parliament and no party has gained a clear majority. There are 650 seats in total and 326 are required for a party to secure a parliamentary majority. Conservative party has won 313 seats while Labor party led by Corbyn has 260 seats.
On the lower side the pair has broken major support of 1.270 and this confirms major weakness, a decline till 1.2580/1.2515 likely.
The near term minor resistance is around 1.2836 (4H Kijun-Sen) and any break above will take the pair till 1.2900/1.2960. The pair should break above 1.3050 for further bullish continuation.
It is good to sell on rallies around 1.2705 with SL around 1.2805 for the TP of 1.2510.
