Daily Forex Signals 18.04.2017

GBP/USD: Long for 1.2770

Macroeconomic overview: Sterling inched higher after British Prime Minister Theresa May shocked markets by calling a early parliamentary election for June 8. May said in a statement outside her Downing Street office that the government had the right plan for negotiating the terms of Britain's exit from the European Union, and that she needed political unity in London.

May's Conservatives, who were split on the issue of European Union membership ahead of last year's referendum, are currently far ahead of Labour, the main opposition party, according to opinion polls. May said this was a one-off chance to get an election done while the EU was agreeing on its negotiating position.

She said the government had the right plan to negotiate Brexit, and there would be no change of course.

Technical analysis: The GBP/USD broke above March 27 high at 1.2615, which opens the way to 1.2707 high on February 2. The pair remains above the 7-day exponential moving average, which highlights short-term bullish structure.

GBPUSD Daily Forex Signals Chart

 

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