GBP/USD gives up gains, Test the 1,30

FXStreet — The increasing selling pressure against the Greenback, the GBP/USD to a daily high of 1,3043 rise, but the bullish momentum was not sustainable. Currently, the trade with 0.23% held one-day gain in 1,3005.

The US Dollar Index, which represents the strength of the USD against 6 major rivals, fell to the new 6-month low of 96.70, but here is a recreation in the direction of the 97 started, so the bearish pressure has been exacerbated. Currently, the Index traded with a loss of -0.09% 96,90.

On the other hand, the investors stay with their GBP Long positions carefully before the General elections on may 8. June take place. At the weekend the UK PM, Theresa May was the target of heavy criticism. She announced that the Conservative government establishes an «absolute Limit», which have people to pay for social insurance. According to the May comments the latest Guardian/ICM poll showed that the Tory leadership May party fell over Labour to 14 points.

EU’s Barnier: Brexit talks to begin in June

Technical Prospects

Resistances lie at 1,3050 (High 18. May), 1,3120 (High Of 22. September) and 1,3200 (psychological level). On the other hand, supports are located at 1.3000 (psychological level), 1,2940 (Deep 19. May) and 1,2845 (Deep 12. May).

GBP/USD is likely to be between 1,2850 and 1,3050 — UOB

** FXStreet News Editorial, FXStreet**

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