Market Research and Analysis

GBP/USD progressed to another recuperation high at 1.2978 ahead of schedule in the European session, its largest amount since May 25th, however has since fallen off the session high and is exchanging at 1.2942, down an unobtrusive 0.15% from Wednesday’s North American close. Exchanging can possibly stay uneven and basically directionless as UK Election Day unfurls.

As polling stations in the UK General Election closed, the exit poll was released and suggested that the Conservative Party has failed to secure a majority. This is an exit poll and the actual outcome could be significantly different. The poll indicated that the Conservatives would be the largest party with 314 seats while the Labour Party was projected to win 266 seats with notable losses for the Scottish National Party (SNP). Given the breakdown of seats for minor parties, the Conservative Party would fall short of a majority by 12 seats.

GBPUSD is trading at 1.2731 and has an immediate support at 1.2675 followed by 1.2635 and then 1.2584. On the flip side, a breakout of 1.2953 would aim for 1.3013 and lastly 1.3051 will be worth watching. Lastly, traders, we need to be very careful this week due to U.K elections.