At the end of previous week, the GBP/USD exchange rate consolidated at the monthly R1 at 1.2314. During Monday morning, the rate declined slightly to the 1.2250 mark.
Note that today the UK Parliament will vote on early general election. Thus, volatility might increase in the market. From a technical perspective the currency pair could be supported by the 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.2165/1.2217 range. Also, note that the pair could be pressured by 55-hour SMA at 1.2299.
Also, note that the UK Manufacturing Production and GDP data releases will be published at 8:30 GMT. Since April, those releases has moved the pair from 9.2 to 39.2 pips.
