GBP/USD: Theresa May calls snap general election on 8th June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 2.27% against the USD and closed at 1.2842, following Britain Prime Minister, Theresa May’s snap election announcement.

In a surprise move, the British Prime Minister called for an early parliamentary election in order to strengthen her hand in divorce talks with the European Union.

In the Asian session, at GMT0300, the pair is trading at 1.2821, with the GBP trading 0.16% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2588, and a fall through could take it to the next support level of 1.2355. The pair is expected to find its first resistance at 1.2979, and a rise through could take it to the next resistance level of 1.3137.

In absence of any economic releases in the UK, investors will focus on a speech by the Bank of England (BoE) Governor, Mark Carney, slated tomorrow.

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

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