It's back to business for the pound after election trading
There may still be some final moves but the price moves looks like they are done for now and that the election trading is coming to a close
The levels I highlighted yesterday stood up to the test, in the main. 1.5500 didn't go over too easily and we found resistance just ahead of the next area of minor resistance I was looking at, around 1.5535/45. The high touched 1.5523 and that move looks to have been early London/European buying as some traders got their first chance to trade the result
GBPUSD H4 chart
The failure to even push up to the 38.2 fib at 1.5566 and subsequent fall back below 1.5500 keeps the upside range intact and gives the shorts an opportunity to reassert themselves. The latest buyers won't give up without a fight and will want to protect what they have
Intraday support is showing up at 1.5415 to protect the big figure and 1.5375/80 will see some support if that goes.
GBPUSD 15m
A break through 1.5375/80 could mean a quick trip down to the exit poll levels at 1.5250
Now that the election is all but over we will quickly switch back to trading economics and the first test of that will be the US data later. We also have the delayed BOE MPC meeting on Monday, although there's no change expected from that
Keep an eye on the levels still. The price action says that the highs have been seen for now and we'll have to see how this latest move holds up
