27 Apr 2015
GBP/USD prints fresh daily lows
FXStreet (Mumbai) - The slow and steady slide in the GBP/USD continues without breaks, taking the pair to a fresh session low of 1.5112.
Pound under pressure of election uncertainty
The British Pound has been sold since the London morning as the markets are worried about the increased possibility of a hung parliament. The latest BBC "poll of polls" has the race neck and neck with both the Conservatives and Labour at 33%.
Interestingly, the cable began its southward journey in the run up to elections on April. 27th back in 2010. It remains to be seen whether the US trading desks aid in extending losses in the pair.
GBP/USD Technical Levels
The immediate resistance is located at 1.5175, above which gains could be extended to 1.5267 (Jan. 14 high). On the flip side, a break below 1.5111 (5-DMA), could see the pair fall to 1.5057.
Pound under pressure of election uncertainty
The British Pound has been sold since the London morning as the markets are worried about the increased possibility of a hung parliament. The latest BBC "poll of polls" has the race neck and neck with both the Conservatives and Labour at 33%.
Interestingly, the cable began its southward journey in the run up to elections on April. 27th back in 2010. It remains to be seen whether the US trading desks aid in extending losses in the pair.
GBP/USD Technical Levels
The immediate resistance is located at 1.5175, above which gains could be extended to 1.5267 (Jan. 14 high). On the flip side, a break below 1.5111 (5-DMA), could see the pair fall to 1.5057.