GBPUSD looks rather weak and volatile on the results of a hung parliament, and whilst the talks from Conservative to form a coalition will keep this pair volatile through the day.
On a technical perspective, GBPUSD did break a long term sidewards support and breakdown off a long term resistance line, so this could be a sign of more future downside? I guess we will soon all find out.
Best regards, Tom_Killick
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With the election decision in place, we must watch this pair very carefully to see the outcome of the price action. Taking too many GBP pairs could prove too risky, so you must take GBP pairs, but make sure your portfolio is also diversified with other pairs to assure we have enough diversification required to make a healthy portfolio.
Like & follow my ideas and content to motivate me to post more.
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Victor.Y.F
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Thank you Tom! I'm looking for DXY weakness to support the Sterling. It's looks like a retest 200 days SMA and a hook to lure in speculators.
TomProTrader
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@victor.Y.F, We will soon find out! Fingers crossed we can find a good place to take advantage of volatility.
douglasaa
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@Tom_Killick, check out my chart and my write up if you will, I do have reason to believe that a coalition has stabilised the pound and could even be bullish for GBP, the main issue has switched to Tory infighting
@douglasaa, Thanks for sharing, and I think you're totally right. GBP is likely to stabilise, especially in GBP-Non USD crossovers, like GBPCAD, GBPAUD, and GBPNZD.
Victor.Y.F
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@Tom_Killick, Thank you Tom. I'm watching AUDNZD for more clues to the GBPAUD, the miners too.
alex.a
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Your chart, the combination of technical and fundamental couldn't be better!