Thursday, May 7, 2015

The Pound rallies in the middle of parliamentary elections

Today we had the parliamentary elections in the UK, but the outcome was very hard to predict. By 6 pm NY time, the polls were putting the conservative party ahead in the race. The Pound rallied in the middle of the elections due to the fact that if the conservative party keeps control of the parliament, then monetary policy can be implemented more easily. The GBP/USD visits again its 200 day EMA, around the 1.5443 level. The price tries to stall at that level, but if the bullish momentum persists, then a visit to the 1.5551 level is possible.


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