U.K. PM May called a snap election yesterday and the pound rallied in response. Even though this means more uncertainty in the short term, it is expected to give the government a confidence vote and enough time to focus on Brexit negotiations and implementation.

Cable posted a huge candle on the daily chart. Some consolidation or correction is possible in the days ahead. December high (1.2775) could be the first stronger support. If the rally continues, 1.30 is the next target.

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