GBP/USD next support is at 1.2615 – UOB

FX Strategists at UOB Group noted Cable should remain under pressure on UK politics, while the next relevant support emerges at 1.2615.

Key Quotes

“GBP’s fate is in the hand of the elections results and volatility is expected to remain elevated”.

“The early morning low of 1.2705 is a decent support but the next support is further down at 1.2615 (high in March) followed by 1.2365”.

“The wide distance between supports could lead to rapid acceleration lower in the event of a hung parliament. Resistance is at 1.2785, 1.2980 and 1.3050”.