7 May 2015
GBP/USD recovers losses in a highly volatile day of trading
FXStreet (Mumbai) - The GBP/USD recovered from the low of 1.5178 to trade with miniscule losses at 1.5225 amid high volatility witnessed in the GBP pairs on the election day.
Conservatives leading by 1%
The latest poll shows the conservatives are currently leading by 1%. The experts say a convincing victory for the conservatives could result in the GBP rally. However, the latest polls show the race between conservatives and labor is still neck to neck.
In the meantime, the investors are also likely to take cues from the labor department data in the US, which is expected to show jobless claims rose to 280K from 262K.
GBP/USD Technical Levels
The immediate resistance is located at 1.5238 (10-DMA), above which gains could be extended to 1.5290. On the flip side, a break below 1.5178 (5-DMA), under which losses could be extended to 1.5136.
Conservatives leading by 1%
The latest poll shows the conservatives are currently leading by 1%. The experts say a convincing victory for the conservatives could result in the GBP rally. However, the latest polls show the race between conservatives and labor is still neck to neck.
In the meantime, the investors are also likely to take cues from the labor department data in the US, which is expected to show jobless claims rose to 280K from 262K.
GBP/USD Technical Levels
The immediate resistance is located at 1.5238 (10-DMA), above which gains could be extended to 1.5290. On the flip side, a break below 1.5178 (5-DMA), under which losses could be extended to 1.5136.