GBP

Good point.
Frankly, the closer the election comes, the less willing I am to open new positions on this pair.

 

Nice thread... real and only serious thread on FX. I will observe how the election will affect the currency. It'll be interesting to observe because this is just general election

 

It might be just a general election, but still, it was called because Theresa May wants a larger support from the Parliament for her Brexit plans. If she doesn't get it it will have long-term repercussions, so these elections might end up having a much bigger impact than usual.

 

Dollar slump hides the weakness on Pound as we see that GBPUSD is stable, while it slides on other crosses. May's party lead is only 1% ahead of Labour guys, her gains of power in parliament may be petty or she can even lose.

Pound is in touch and go situation I would strongly recommend short it

 

I live in UK & I don't see how Conservatives could lose this election, purely based on weak opposition. I'll stick a quid on Conservatives winning the vote.

 

Weekly chart, still looks cool for upside continuation. Treble bottom on the weekly time frame is a strong indication of sustained upside my guesstimate is range expansion of around 2000 pips from lows. Sometimes we can get distracted by the noise of lower time frames, this one looks solid to me.

 

Fireworx time, it's election day!

 

FWIW I've found very similar formation (price action & extremely slow MACD) in most other major GBP pairs, I sense GBP is basing, personal bias aside, that's the classic setup for a counter trend move on a weekly chart. Is it a trap? Time will tell. Gotta speculate to accumulate.

 

Is anyone doing longer moves with GBP/USD? I see a lot of short term plays. Like JSSPMKs graph looks like he is doing intraday moves.

Does anyone predict any serious moves as a result of the elction? Or will it fizzle out regardless?

@JSSPMK are you trading the actual currency, a forex CFD, or a FOP?

 

Not intraday at all. Trade is based on weekly time frame. It's a spread bet.

IMO bound to be fireworx as an initial reaction to the election, but as I expect an easy win for the Conservatives upside ought to resume shortly afterwards.