Forex, CFD Markets Await UK General Election

Jūnijs 08, 2017 08:30

GBP/USD

4 hour

The UK will hold general parliamentary elections today Thursday 8th of June 2017. The polls and results could impact price action for the rest of this and next week. More information how to trade through the UK general election 2017, please visit the dedicated event page.

The GBP/USD, not surprisingly, remains in a large consolidation zone (purple box) and channel (green/red lines). The breakout direction could depend on the above mentioned election results.

1 hour

The GBP/USD broke above resistance but seems to be moving into resistance such as trend lines and Fibonacci levels.

EUR/USD

4 hour

The EUR/USD remains trapped between the 100% Fib resistance level at 1.13 and the support zone at 1.12. A breakout is needed before a trend continuation becomes more likely.

1 hour

The EUR/USD broke the bullish channel (dotted blue) but price bounced at the support levels (green). The ABC correction (orange) could still be part of a wave 4 (blue) but a break below support (green) invalidates it.

USD/JPY

4 hour

The USD/JPY has bounced at the 78.6% Fibonacci level of wave B (brown) but it remains to be seen on lower time frames if this is a reversal upwards or a correction for more bearish price action.

1 hour

The USD/JPY has reached the 38.2% Fibonacci level. A bullish break above the 50% Fibonacci level indicates that the wave B (brown) has most likely been completed at the low.

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