8 May 2015
GBP/USD winding it in for another go on Conservative victory?
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5399, with a high of 1.5428 and a low of 1.5371.
GBP/USD is better bid with what looks to be a clear victory for the Conservative party as we progress through the elections in the UK with five results in showing that results may have even been underestimated for the Conservatives and overestimated for the Labour party. Meanwhile we are holding out for certainty and the pound is consolidated having travelled major distances across the board on pure sentiment for an outright victory to the Conservatives.
Technically, the pound is in overbought territory but has 1.5457 and Feb 27th highs in its sights ahead of 1.5491, 29th April high. On a break out on the confirmations, and perhaps EUR/GBP triggering the 55 DMA at 0.7255, a close above the key 1.5570 resistance may introduce some scope to the 1.5785 December peak and 1.5855/80 being the November 2013 low and 50 % retracement.
GBP/USD is better bid with what looks to be a clear victory for the Conservative party as we progress through the elections in the UK with five results in showing that results may have even been underestimated for the Conservatives and overestimated for the Labour party. Meanwhile we are holding out for certainty and the pound is consolidated having travelled major distances across the board on pure sentiment for an outright victory to the Conservatives.
Technically, the pound is in overbought territory but has 1.5457 and Feb 27th highs in its sights ahead of 1.5491, 29th April high. On a break out on the confirmations, and perhaps EUR/GBP triggering the 55 DMA at 0.7255, a close above the key 1.5570 resistance may introduce some scope to the 1.5785 December peak and 1.5855/80 being the November 2013 low and 50 % retracement.