With London market closed on a public holiday and no macroeconomic news coming from the UK, the GBP/USD trades in a tight range right above Friday's low of 1.5113. The pair has surged sharply during the last two weeks, but faltered around the 1.5500 level, from where a sharp decline began, as UK elections loom. On Thursday, Britain will have general elections, and according to the latest polls, there's still no clear winner, which may lead to a hung Parliament, and generate uncertainty over the upcoming economic policies, pressuring the Pound.
The technical picture for the GBP/USD shows that the pair is biased lower, as the 4 hours chart shows that the 20 SMA gains bearish slope well above the current level, whilst the technical indicators turned back lower near oversold levels, after a limited correction. A downward acceleration below the 1.5110 figure should lead to additional declines towards the 1.5060 level, whilst if this last gives up, the next bearish target comes at 1.5020.
Sellers may surge if the pair recovers up to the top of the range at 1.5170, with a break above the 1.5200 figure required to reverse the intraday bearish bias.
View live chart of the GBP/USD
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