GBP/USD: Pound trading flat, ahead of British general election results


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.37% against the USD and closed at 1.2956, as investors bet that Theresa May’s Conservatives will win the UK’s general election.

In economic news, Britain’s Halifax house price index unexpectedly rebounded 0.4% on a monthly basis in May, defying market expectations for a drop of 0.2%. In the previous month, the Halifax house price index had fallen 0.1%.

Meanwhile, the OECD retained its growth forecast for UK, expecting an expansion of 1.6% this year and 1.0% in the next year.

In the Asian session, at GMT0300, the pair is trading at 1.2956, with the GBP trading flat against the USD from yesterday’s close.

The pair is expected to find support at 1.2907, and a fall through could take it to the next support level of 1.2857. The pair is expected to find its first resistance at 1.2987, and a rise through could take it to the next resistance level of 1.3017.

Trading trend in the Pound is expected to be determined by the outcome of UK’s general election.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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