- The GBP/USD pair rose on Tuesday as dollar dipped and investors shrugged off opinion polls showing British Prime Minister Theresa May’s lead over the labour opposition narrowing less than two weeks before a general election.
- A poll in Britain on Tuesday showed Prime Minister Theresa May’s lead over the opposition Labour Party dropping to 6 percentage points ahead of the election on June 8.
- However, further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against US dollar in the short term.
- To the upside, the strong resistance can be seen at 1.2937, a break above this level would expose the pair towards next resistance level at 1.2989.
- To the downside immediate support can be seen 1.2841, a break below at this level will open the door towards next level at 1.2800.
Resistance Levels
R1: 1.2890 (50 % Retracement level)
R2: 1.2937 (61.8 % Retracement level)
R3: 1.2989 (May 17th high)
Support Levels
S1: 1.2841 (38.2% Retracement level)
S2: 1.2800 (Psychological levels)
S3: 1.2781 (23.6% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com
May 30, 2017 at 08:38PM
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