The GBPUSD is now trading above 1.29 on unconfirmed reports that the Brexit Party in the UK has abandoned 43 seats in order to strengthen the position of the UK Conservative Party. These 43 seats are all in constituencies which were either won by Labour in 2017, or had the Tory Party candidate in second place.
The playbook is for the Brexit party to avoid splitting possible Tory votes, thereby paving a way for them to capture an outright majority that could beat a one-way street to Brexit.
Technical Playbook for GBPUSD
The GBPUSD is currently trading at 1.29139, but is locked in range which is formed by late October highs at 1.29825 (ceiling) and also by the previous June tops/late October lows at 1.27483 (floor).
A break of 1.29825 to the north targets 1.31735 (May 3 and May 4 highs), while a downside breach of the range targets the previous highs of July 12 and September 20 in role reversal at 1.25878.More content