GBPUSD LOSING MOMENTUM TRADERS SELL THE PAIR ABOVE 1.2900

GBPUSD sellers are currently in control, with bearish momentum trading building, as an earlier upside attempt above the 1.2900 level, was met with heavy selling interest around the 1.2915 area.

At the moment the downside remains limited, as the upcoming UK election presents many possible scenarios for British Pound traders to consider. A better than expected Conservative win at Thursday's election would be taken as a positive development for the GBPUSD. However, a hung parliament would be taken negatively, with GBPUSD likely to come under considerable selling pressure.

Key technical levels for the GBPUSD pair remain largely unchanged, with downside support located at the recent swing low around 1.2870, with the weekly low at 1.2850 an important level to watch. Below 1.2830 GBPUSD selling pressure should intensify, with a test of the 1.2800 level likely to follow. Below 1.2800, a further price test of the May 31st low at 1.2768 would become extremely likely.

To the upside, the current daily high comes in as the first line of meaningful resistance at 1.2918, closely followed by 1.2930. A break of the currently monthly high at 1.2950 should lead to price moving towards the 1.2990 level, ahead of a possible price test of the recent 2017 high at 1.3048.