GBP/USD: terror attack jitters jeopardizing territory on the 1.30 handle
|Currently, GBP/USD is trading at 1.3001, down 0.00% on the day, having posted a daily high at 1.3007 and low at 1.2987.
GBP/USD has been jittery in a tight range of 15 pips or so over the latest updates that are coming through around the suspected terror attack in Manchester, UK. There have been confirmed casualties and deaths in tragic circumstances where a huge and loud explosion occurred at a music concert in the ticket area and main foyer area at the end of the concert full of teenagers and young adults on their way home.
Meanwhile, the snap elections are on the minds of markets that are on June the 8th where the Conservatives are expected to win by a landslide. However, the Labour party are garnering support and the gap is closing. Brexit developments continue to weigh on sentiment as well with the EU's chief Brexit negotiator, Michel Barnier, reiterated this Monday morning that there will not be any trading arrangement discussion until the accounts are settled.
GBP/USD technically neutral
From a technical point of view, the pair holds a neutral stance, with the price barely above its 20 SMA, explained Valeria Bednarik, chief analyst at FXStreet. "The Momentum indicator heading nowhere around its mid-line, while the RSI also consolidates but around 56. The pair will likely retain the neutral stance ahead of the UK election, with a limited downward scope on persistent dollar's weakness."
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