2017.05.2303:57:00UTC+00Fxwirepro: Pound Struggles Over Manchester Terrorist Attack

A terrorist attack last night at the heart of the UK has shocked the country to its core just weeks before an important general election that will be held on 8th of June. As of latest reporting, 22 people have been confirmed dead and more than 60 injured in the Northern English city of Manchester. An explosion took place around 10:30 pm GMT as people were leaving the arena following a performance by the U.S. singer Ariana Grande. The explosion reportedly took place just outside the core part of the venue close to the ticketing office. While it was not officially confirmed as a terrorist incident, it is currently investigated as one. The involvement of a suicide bomber is highly likely according to the investigations so far.  

It is the worst attack on the United Kingdom since the Islamist bombings on London underground trains and a bus in 2005, which killed 52 people. The UK Prime Minister Theresa May canceled her election campaigns on Tuesday and is expected to chair a meeting of the cabinet emergency Cobra committee. The pound suffered a blow on the news of the explosion and is still struggling to overcome it. It declined from yesterday’s high of 1.304 against the dollar and the pair is currently trading at 1.299. The pound has reached two of our targets at 1.29 and 1.302 against the dollar and despite the setback, we remain optimistic on our next targets around 1.32 and 1.35 against the dollar.