8 May 2015
GBP/USD hovering over 1.5500
FXStreet (Edinburgh) - The sterling is by far the best performer on Friday, with GBP/USD trading in the vicinity of 1.550 the figure following the UK elections.
GBP/USD stronger on Conservatives win
The buying interest around the pound exploded today, as results from the UK elections are showing that D.Cameron will surely remain Prime Minister and the Conservative Party could be headed to majority. As of writing, and with more than 110 seats left, Conservatives clinched 243 seats vs. 210 from Labour and 55 from SNP.
The sterling is sharply higher today, advancing more than 1.5% although now shedding some ground after hitting 1.5524 in early trade. Ahead in the session, UK trade balance figures and US Non-farm Payrolls (225K exp.) will be the main highlights for the pair.
GBP/USD key levels
The pair is now advancing 1.52% at 1.5478 with the next resistance at 1.5524 (high May 8) ahead of 1.5552 (high Feb.26) and then 1.5600 (psychological level). On the flip side, a breakdown of 1.5245 (low May 8) would open the door to 1.5200 (psychological level) and finally 1.5166 (61.8% of 1.5088-1.5292).
GBP/USD stronger on Conservatives win
The buying interest around the pound exploded today, as results from the UK elections are showing that D.Cameron will surely remain Prime Minister and the Conservative Party could be headed to majority. As of writing, and with more than 110 seats left, Conservatives clinched 243 seats vs. 210 from Labour and 55 from SNP.
The sterling is sharply higher today, advancing more than 1.5% although now shedding some ground after hitting 1.5524 in early trade. Ahead in the session, UK trade balance figures and US Non-farm Payrolls (225K exp.) will be the main highlights for the pair.
GBP/USD key levels
The pair is now advancing 1.52% at 1.5478 with the next resistance at 1.5524 (high May 8) ahead of 1.5552 (high Feb.26) and then 1.5600 (psychological level). On the flip side, a breakdown of 1.5245 (low May 8) would open the door to 1.5200 (psychological level) and finally 1.5166 (61.8% of 1.5088-1.5292).