PatrickFXKG
Long

potential GBPUSD long position after election results

FX_IDC:GBPUSD   British Pound / U.S. Dollar
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During the day of the election in GB , the pair could retrace because of uncertainty of the outcome of the election. It could retrace to the 1.27 zone which would be 50% fib from the whole past move upwards as well as the 38.2% fib from elliot wave 3. This wave 4 would be a similar consolidation pattern as wave 2 and wave 4 would also be in the zone of wave 1 but stays above. A trendline could be retested and become a trend line support. Therefore, the circled zone can trigger a long position after election results are out and certainty of GB's parliament and political direction is reached. Also wave 5.
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