Cable back down to 1.3360 currently
Nothing ever goes up in a straight line and this is befitting of the price action we're seeing in the aftermath of the UK election again this time around. The pound is retracing some of its gains from the exit poll (almost twelve hours ago) as cable dips back below 1.3400.
The next key spot to watch will be the 38.2 retracement level @ 1.3337 before we get to the 1.3300 handle for another potential area for buyers to lean on.
It's still a delicate situation as to whether or not traders have already started to get over the euphoria and are looking over to Brexit risks next year but in time we will know.
For now, I still reckon this is but a pullback after seeing a more solid run higher since the early hours of the morning. For a bigger picture overview on cable, you can check out my post earlier in the session here.
