GBP/USD: the bulls are tied to the prospect of a Conservative majority in the UK election [Video]
|GBP/USD
Despite a mildly corrective candle yesterday, there is a slight positive bias now within the six week trading range between $1.2765/$1.3010. Tuesday’s decisive positive candle shows how the bulls are tied to the prospect of a Conservative majority in the UK election. Whilst there are still significant uncertainties surrounding this (yesterday’s mild slip came as numerous caveats to Tuesday’s favourable poll for the Conservatives weighed), there seems to be an appetite to continue to support weakness within this range now. The support band $1.2765/$1.2820 is growing in importance, whilst momentum indicators have been through a period of moderation in recent weeks and are settling around positive territory. The hourly chart shows support building around $1895/$1.2910 and a more positive hourly momentum set up. Resistance at $1.2950 initially which protects the consolidation range highs between $1.2975/$1.3010.
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