Pound to Rally on Election Day
GBP/USD has rallied this morning as market sentiment changes ahead of the elections.
Put simply, a Biden win will create a risk on mood & hurt the safe haven Dollar whereas a Trump win will create further uncertainty & help the Dollar.
Price broke the two week descending trendline & now trading above 50 & 200 SMA changing the outlook.
Price currently trying to breach the psychological 1.3000 resistance, a breach would see bulls targeting resistance level 2 at 1.3060. This would also see price back into the uptrend.
Markets will continue to be volatile as we edge closer to the US election decision.
Make sure to minimise risk.
Support: 1.2873 – 1.2818
Resistance: 1.3000 – 1.3060
Put simply, a Biden win will create a risk on mood & hurt the safe haven Dollar whereas a Trump win will create further uncertainty & help the Dollar.
Price broke the two week descending trendline & now trading above 50 & 200 SMA changing the outlook.
Price currently trying to breach the psychological 1.3000 resistance, a breach would see bulls targeting resistance level 2 at 1.3060. This would also see price back into the uptrend.
Markets will continue to be volatile as we edge closer to the US election decision.
Make sure to minimise risk.
Support: 1.2873 – 1.2818
Resistance: 1.3000 – 1.3060
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