Richard Perry
Independent Analyst
GBP/USD
Another turnaround within the multi-week consolidation range sees the bulls just looking to gain control again. Once more the support of the 23.6% Fibonacci retracement (of $1.2193/$1.3012) has come into play at $1.2820 and acted as a springboard for a decisive positive candle yesterday and another gain today. The UK election swings of sentiment have had a part to play here after a torrid 24 hours for the opposition Labour Party. This re-opens the top of the range again $1.2975/$1.3010. However, we still see it unlikely that Cable will be able to breakout above this resistance. We see this as a range in place likely until the election polling day of 12th December. Opinion polls will be key and a YouGov poll puts the Conservatives with a clear majority. But will sterling traders take this with a pinch of salt? No breakout yet would suggest caution. Initial support at $1.2910.
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