GBP/USD braced for the UK elections - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD fell down to 1.5089 before finding some short term demand, but for the most traded in quite a limited range amid London holiday and the upcoming UK general elections.

Key Quotes:

"The latest polls show that Conservatives may be taking the lead, but they are far from securing a majority in Parliament, which keeps making of Pound a non attractive investment at the time being."

"With no fundamental data released, and none schedule for Tuesday, the British Pound will likely remain under pressure."

"Technically, the 1 hour chart shows that the price is developing below a flat 20 SMA, whilst the technical indicators stand below their mid-lines, albeit lacking strength at the time being."

"In the 4 hours chart the 20 SMA extended its decline well above the current levels, now in the 1.5270 region, whilst the Momentum indicator turned slightly higher from overbought levels, but the RSI maintains a bearish tone around 31. In this last time frame, the 200 EMA stands around 1.5040, providing strong dynamic support. If the price breaks below it however, the pair will likely accelerate its decline towards fresh lows near the 1.5000 figure."