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HI Traders,
GBP rallied from 17th of April after Theresa May calls for early general election on 8th of June 2017. The daily chart of GBPUSD shows that short positions covering has stopped and can't break 1.3 level. I expect bearish correction phase from now till before general election on 8th of June and target could be 1.26 level. The market have about two or three weeks for correction before decide new direction: back to 1.2 or break above 1.3 level.
GBP rallied from 17th of April after Theresa May calls for early general election on 8th of June 2017. The daily chart of GBPUSD shows that short positions covering has stopped and can't break 1.3 level. I expect bearish correction phase from now till before general election on 8th of June and target could be 1.26 level. The market have about two or three weeks for correction before decide new direction: back to 1.2 or break above 1.3 level.