The British pound traded higher against the greenback in the run-up to Thursday’s U.K. election. A recent poll has suggested that Theresa May’s Conservatives may still maintain a lead over the Labour Party. The GBP/USD broke significantly above 1.29 and headed towards 1.2950. We expect a next resistance to come in between 1.2985 – 1.2950. For the pound to rally, it would require a renewed break above 1.30. A current support is however seen at 1.2885.
The EUR/USD found support at 1.1235, so yesterday’s downswing might be considered a normal correction within the recent uptrend of the currency pair. If the euro falls below 1.12 we could see a steeper decline towards 1.1160/40. On the topside, we anticipate next hurdles at 1.1320 and 1.1360.
There are no major economic data reports scheduled for release today, so the market activity could be subdued.
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