Sterling estimates that the Tories might win the election by double digits and Corbyn's chances of winning the prime ministerial seat are about 5%. It is expected that the victory of the Conservative Party will move the GBP/USD to 1.3500.
The GBP/USD remains of the defensive, but the probability of a break above 1.3000 has increased. If the price breaks the 1.3000 level, it could possibly force the pair as high as 1.3030 and 1.3172 respectively. In contrast, support is found at the 1.2842 and 1.2682 respectively. A break below the 1.2682 level could possibly force the pair as low as 1.2403. The RSI (W) at the overbought territory. CCI (W) closed at the overbought territory.
Source: Exclusive Capital
What Is Relative Strength Index – RSI?
The relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100.
What is the Commodity Channel Index (CCI)?
Developed by Donald Lambert, the Commodity Channel Index (CCI) is a momentum-based oscillator used to help determine when an investment vehicle is reaching a condition of being overbought or oversold. It is also used to assess price trend direction and strength. This information allows traders to determine if they want to enter or exit a trade, refrain from taking a trade, or add to an existing position. In this way, the indicator can be used to provide trade signals when it acts in a certain way.
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