With the announcement that the UK will hold its general elections on December 12 th , election campaigns got underway.
Both the Conservative and the Labor party are vying for the spot at 10 Downing. The election comes as Boris Johnson seeks a majority in the UK parliament in order for the Brexit deal to pass.
GBP/USD Back at Resistance
The cable rallied back but is failing at the resistance area of 1.2960. The retest of this level comes as the Stochastics indicator shows overbought levels.
This could lead to a possible decline in the near term. There is a strong hidden bearish divergence on the daily chart. GBPUSD will need to breakout below 1.2865 in order to confirm a corrective move to 12582.
