GBP/USD: opinion polls will cause spikes [Video]
|GBP/USD
The momentum in the sterling rally has faltered. Monday’s bull candle petered out at $1.2900 intraday and the market has since been drifting. We continue to see Cable as a mild corrective drift in the days and weeks leading up to the UK General Election. Opinion polls will cause spikes but essentially rallies will fade and a net drift lower will ensue. Momentum indicators reflect this as the RSI builds lower highs and lower lows along with the market recently. MACD lines are also similar. This points towards pressure back towards $1.2760/$1.2785 support band and the 23.6% Fib (of the $1.2193/$1.3012 rally) at $1.2820. Initial resistance today at $1.2875 and support comes in at $1.2815.
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