The pound is among the top performers on Monday
The pound is among the top performers on Monday, supported by new polls ahead of Thursday’s UK election. The consolidation of the lead of the Conservative party over Labor, gave support to the pound.
GBP/USD recently broke above 1.2920 and climbed to 1.2939, hitting the highest level since May 26. The pair tested during several hours last week highs located around 1.2920 and finally broke to the upside, after the beginning of the America session.
The pair continues to strengthen ahead of the general elections in the UK. It is rebounding after falling last week below 1.2800. Today is consolidating above the 1.2920 area that could add support for an extension of the recovery. Many annalists expect GBP/USD pair to trade sideways ahead on Thursday.
GBP/USD: ranging ahead of election
To the upside, resistance levels might be located at 1.2940 (daily high), 1.2950 (May 23 low) and 1.3000 (psychological). On the flip, support might be seen at 1.2890 (20-hour moving average), 1.2850 (daily low) and 1.2825/30 (June 1 low).