The Pound continued declining versus the Dollar after the conservatives failed to win a majority in Parliament in the elections. Election results may lead to a hung parliament and will make it harder for the U.K government to cut its deficit. Overall, GBP/USD traded with a low of 1.4474 and a high of 1.4938. GBP/USD is on a strong downtrend but oversold RSI conditions could lead to a retracement upwards. As long as the pair is below the 1.50 level it will continue in its bearish momentum. Today, BOE will release its Interest Rate Decision which is expected unchanged with 0.5%. Asset Purchases Facility is also expected unchanged with 200B.

GBP/USD - Last: 1.4820

Resistance

1.4895

1.4955

1.5020

Support

1.4755

1.4650

1.4500

width=450