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:
GBP/USD 1.31 50 1/ 51 1
EUR/GBP 0.84 24 3/ 25 4
GBP/JPY 142.94 70 0/ 20 0
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.
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