The UK Snap election is around the corner! ADS Securities presents their view on UK Conservative Party dominance GBPUSD impact.
6 June, ADS Securities – The Pound advanced against the US Dollar in the prior session after the latest poll showed that the Conservatives took an 11-point lead over Labour, ahead of the general election to be held on Thursday.
UK Conservative Party dominance GBPUSD impact
On the 1H chart, the EMA 55 recently crossed the EMA 200 from below, hinting the presence of bullish momentum in the coming session. Additionally, a signal line crossover from below by the MACD indicator further endorses the above view. Key resistance is positioned at the 1.2945 level, followed by the 1.2965 and 1.2990 levels. A break above the latter might lead to further acceleration to the upside.
On the downside, crucial support resides at the 1.2900 level, followed by the 1.2885 where EMA 200 is trading and 1.2865 levels. A breach below the latter might trigger weakness in the pair.
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