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- GBP/USD is consolidating in narrow range for the past five trading session on account of U.K elections which is going to be held on Friday. It is currently trading around 1.29190.
- Currency markets and analysts are expecting that Conservative party will record a decent win on Jun 7th 2017 election and discounting threat of hung parliament.
- The pair’s major resistance is around 1.2950 and any minor bullishness can be seen only above 1.3000/1.3050. Bullish continuation only above 1.3050. Any break above 1.3050 will take the pair till 1.3120.
- On the lower side, major support is around 1.27500 and any break below will drag the pair till 1.2705/1.26850 (38.2% retracement of 1.21088 and 1.30476)/1.2589 (200 – MA).
It is good to buy above 1.2950 with SL around 1.2890 for the TP of 1.3045/1.3120.
