The GBP/USD pair surged up to 1.5240 on the back of a strong reading in the Markit Services PMI for April, up to 59.5 from previous 58.9, an eight month high. Nevertheless, the pair retraced back sub 1.5200, and trades pretty much unchanged from its daily opening, as investors rushed to take profits out of the table ahead of the UK general elections tomorrow.
The early upward momentum helped indicators advance above their mid-lines in the 4 hours chart, but they are now retracing and heading lower around their mid-lines, whilst the price pressures a bearish 20 SMA at 1.5150, the immediate support. Should the price extend below it, the price can extend down to the 1.5100 level. Above 1.5200 on the other hand, the pair can retest the mentioned daily high, although the pair is expected to remain confined to a tight range as elections loom.
View live chart of the GBP/USD
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