ZuluTrade Blog

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)




Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.