RajDhall

GBP/USD Pre Election Analysis

FX_IDC:GBPUSD   British Pound / U.S. Dollar
After the initial FBI/Clinton related hit on the greenback, followed by the High Court ruling combined to send Cable through 1.2325-30. On the hourly timeframe this does look like a retracement but we have some key levels around where we are right now. In this recent retracement we have seen a break into negative territory with a RSI trendline break . We are currently now seeing a test of the previous wave low. As mentioned trading the elections is binary but it is very important to keep an eye on levels surrounding price.

R3 1.2557
R2 1.2511
R1 1.2466
Current 1.2390
S1 Upward internal trendline
S2 1.2333
S3 Speed trendline from the 28/10 lows
S4 1.2200

If Hilary wins we could see a test of the 1.2250 mean value in the lower distribution area or even a test of the lows (1.2081). If Trump wins we may see a test of the high and even a move into new distribution. Dont forget we will be looking out for the result of who will be controlling the senate. Democrat control - primarily due to Clinton's leadership - should give an immediate boost to the USD, while Trump's Republicans would send it lower.
Kind regards

Rajan Dhall MSTA
fxdailyterminal.com
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out