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Market View

Traders seem to be optimistic for GBPUSD

Thursday, June 8, 2017 4:40 AM GMT

Today is “Super Thursday” as Brits are heading to the polls for the UK elections. Traders seem to be optimistic regarding the outcome as Cable moved to the upside yesterday while it continues acting very bullish today as well. However, we should not forget that today’s agenda includes ECB monetary policy decision and former FBI director Corney’s speech. Therefore, the event-menu looks “explosive” for the markets. Returning to UK elections, the market anticipates a clear victory for the Conservative party with a majority while in any other case the Pound will be under major selling pressure. We are expecting the results after the close of US trading session and therefore traders should be very cautious about their trading activities.

Regarding GBPUSD  technical view, we have noted long-term resistances and supports on daily (1) timeframe while on the second (daily), if the results verify trader’s estimate then we may see a relief rally towards recent highs (1.3048) or even more. On the other hand, the price may fall towards 1.28 level (next support 1.26). 

On h4 timeframe, the pair is forming a symmetrical rising channel, which may act as an excellent guide for your intraday trading view. As long as Cable remains, inside or moves above this pattern, then it stays bullish. If price violates 1.29, then cable may lose the positive momentum.

Daily (1)

 

Daily (2)

 

H4

 


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