Tighter election poll makes GBP/USD pair apprehensive, consolidates losses around 1.3150

At present, the GBP/USD is trading below 1.3150. It has consolidated its losses after British polls revealed that the Conservative are in the lead for UK elections.

Here are the important figures:

POUND RATES
GBP/USD 1.31 50 1/ 51 1
-0.00384 (-0.29%)
EUR/GBP 0.84 24 3/ 25 4
0.00126 (0.15%)
GBP/JPY 142.94 70 0/ 20 0
-0.49850 (-0.35%)

Technical Analysis of the situation show that support is at 1.31. In the spring, 1.3080 played a role. Further support is at 1.3013, October's peak; on the other hand, 1.2985 was the high for November. Market participants would be wise to keep tabs on the lines: 1.2950, 1.2885, and 1.2870.

Meanwhile, resistance is at 1.3180. This is a considerable swing high earlier this week, leading to a new seven-month high of 1.3215. The next lines to watch out for are 1.3275 and 1.3380.

http://lexatrade.com/news/tighter-election-poll-makes-gbpusd-pair-apprehensive-consolidates-losses-around-13150