GBP Range Bound Trading Opportunities
High risk analysis considering the UK election results are this evening, however...
GBP is stuck in a nice 100 pip range on GBPJPY.
143.500 resistance holding now. price is looking to bounce back down to support at 142.500.
At the 142.500 level this is a nice bullish trendline and support. This is the area to watch for another trade opportunity on either the break or bounce of this level. If support holds then expect price to go high and break new weekly highs. If the 142.500 level breaks then look for price to break lower.
All price levels are on the chart.
Election Results Impact:
Conservative majority win is mostly priced in to the market. Anything other than this should see a drop in GBP value.
Labour majority or coalition with minority, GBP might drop further than the lower levels on my chart.
GBP is stuck in a nice 100 pip range on GBPJPY.
143.500 resistance holding now. price is looking to bounce back down to support at 142.500.
At the 142.500 level this is a nice bullish trendline and support. This is the area to watch for another trade opportunity on either the break or bounce of this level. If support holds then expect price to go high and break new weekly highs. If the 142.500 level breaks then look for price to break lower.
All price levels are on the chart.
Election Results Impact:
Conservative majority win is mostly priced in to the market. Anything other than this should see a drop in GBP value.
Labour majority or coalition with minority, GBP might drop further than the lower levels on my chart.
