GBP/USD Current Price: 1.2678
The GBP/USD pair took a breather on Thursday and spent most of the day in a narrow range, following the previous day’s fall. In the UK, the Conservative Party's Boris Johnson easily won the first vote to lead the party and the country. He got 114 votes, while his closest rival, Jeremy Hunt, got 43 votes. Johnson has said the UK must leave the EU by October 31st – the current Brexit deadline – but also that aims for leaving with a deal. The next round of vote takes place on Tuesday, June 18.
From a technical view, 4-hour chart shows price developing in a range bounded by the 20-SMA on the upside and the 100-SMA on the downside, while the Relative Strength Index and Momentum have both turned back down, favouring a bearish continuation. Meanwhile, in daily charts, oversold conditions have already been corrected, reinforcing the negative perspective. A break below 1.2650 could accelerate the fall toward 1.2610 and then 1.2560. On the flip side, GBP/USD needs to regain 1.2770 to ease the short-term bearish pressure. In that case, it could dare to advance to 1.2820.
Support levels: 1.2650 1.2610 1.2560
Resistance levels: 1.2770 1.2800 1.2825
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.