What are the key barometers through the election results

The thought is that if there is a majority for Boris, the GBPUSD should rally. If not or if it is so close that it could be a problem, the GBPUSD may sell off.

Who knows as well if the market sells the fact anyway with the idea that this is just step one. That there are further hurdles down the road.

What I know technically, is the price of the GBPUSD has moved above and stayed above the 100 week MA last week at 1.3041 (not shown). The low today reached 1.30494. Staying above the 1.3041 is more bullish. Move below is more bearish.

What are the key barometers through the election results

That is the closest bearish barometer on a break lower.

Other technical downside targets include :

  • The swing high from October at 1.3011 1.3011.
  • The November high was at 1.2984.
  • The 1.2878 is a upward sloping trend line on the daily chart
  • the November low came in at 1.2768
  • The 38.2% retracement of the move up from the September low comes in at 1.27431
  • The 200 day moving average comes in at 1.26936

Those are the steps to the downside for the GBPUSD.

On the topside. The high for the week at 1.32285 is the 1st level to get to and through. Getting above that level would be the upside/bullish barometer.

Above that and traders will be looking toward:

  • 1.3298. That is near the natural 1.3300 level and also was the September 2018 high
  • The 2019 high price reached up to 1.33795
  • The 61.8% retracement of the move down from the 2018 high comes in at 1.34524
The targets on the topside for the GBPUSD

In a perfect world, the initial news gives us a clear picture of yay or nay. Also in a perfect world, the price action allows you to get in close-ish to the nearer targets and look toward the higher targets to get to and through.

We don't know is if the world will be imperfect. In an imperfect world, the price gaps and as traders scrambling and then getting offsides as a result of in initial overextension (either higher or lower).

No one knows what tonight may bring.

However, the roadmap is fairly transparent. So follow the levels and if you feel up to jump in on the trend against a level or on a break of a level, at least you can define your risk.