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- GBP/USD slumps on Pound weakness as conservative’s lead fades ahead of June election.
- Latest opinion poll showed PM May’s Conservatives dropping another one percentage point on the week to 43%-35% (Labor) ahead of the national election.
- GBP/USD has broken key support at 1.2915 and we see the possibility of drag till 1.27 mark.
- On the data front, the downward revision to second estimate of UK Q1 GDP suggested that economic growth decelerated sharply in the early stages of the year.
- Technical indicators on daily charts are bearish. Cloud caps upside on weekly charts.
- Next immediate support for the pair is seen at 1.2830 (trendline). Break below will see drag upto 1.2797 (23.6% Fib of 1.1986 to 1.3048 rise).
- Violation at 23.6% Fib will then take the pair to 1.2642 (38.2% Fib).
- Second estimate of US GDP in addition to the G7-summit, are going to be major market movers for today.
Support levels - 1.2830 (trendline), 1.2797 (23.6% Fib of 1.1986 to 1.3048 rise), 1.2642 (38.2% Fib)
Resistance levels - 1.29, 1.2933 (20-DMA), 1.2949 (5-DMA)
Recommendation: Good to go short on rallies around 1.2880/85, SL: 1.2940, TP: 1.2830/ 1.28/ 1.2755/ 1.27
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -128.909 (Bearish), while Hourly USD Spot Index was at -50.6284 (Neutral) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
