No matter how bad the GBP USD looks after the election we are now in such a exhausted zone the the inters will be buying very soon further shorts to the down side past 119.000 will see people in the Uk going to work on a horse.
I'm looking at a big long retrace up to around the 1.34000 level.
Im looking to take the Gbp / Usd long towards 1.26000+ area as sellers have showed indecision around the 1.23900 pivot support i will place on 8hr chart at 2pm close if price hasn't been broken at 1.24541
Beware of the level that the the Aud Chf has made it to today this level has seen 2 major drops from break of this price.
My trade decision is short based on it being a test of recent resistance and there is lots of indecision on smaller time frames.
I now believe the eurusd bearish bias to be seriously over sold ,
The buyers look like that are starting to gain a control over further falling movements.
A bullish engulifing candle is being created on the 1hr lets see how the candle closes
Im looking at the Gbp usd to continue to trend from the underside towards 1.27500 resistance before sellers get to gain control again.
The 1.25500 resistance area need a big strong push through to reset recent data and continue up.
Will keep posted with updates
Biased on my 8hr price action I'm looking at taking the Gbp/Usd Long from around 1.25500 wish level up till 8hr resistance around 1.26200 level in the resistance if any indescesion is formed will look to short from resistance area back down to 1.25000 psychological level.