UK Snap elections GBPUSD impact


What is UK Snap elections GBPUSD impact? ADS Securities believes that Pound is supported by recent polls’ results. Yet, the team eyes bearish trend ahead.

30 May, ADS Securities – The Pound traded firmer against the US Dollar in the last session followed by recent election polls showing that UK’s Prime Minister Theresa May took a lead ahead of the upcoming general elections on 08 June.

UK Snap elections GBPUSD impact

At present, the pair is trading with a bearish bias on the 1H chart, reflecting at the presence of negativity in the coming session. In addition, the MACD indicator is tranquil below its centreline, further confirming the above stance. Key support aligns at the 1.2790 level, followed by the 1.2770 and 1.2750 levels.

A breach below the latter might trigger weakness in the pair. Meanwhile, crucial resistance is located at the 1.2850 level where EMA 55 is trading, followed by the 1.2890 and 1.2910 where EMA 200 is placed. A break above the latter might lead to further bullish momentum in the pair.

UK Snap elections GBPUSD impact

ADS Securities Risk Disclaimer

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Share Your Opinion, Write a Comment