Forward we walk!
After GBP/USD’s election price action to end last week, price has now printed a clean technical pullback.
Open up your MT4 charts and take a look at the GBP/USD daily:
This is a range that we’ve been following on the blog for quite a while now and one that was only broken as Theresa May called the election.
At the time, markets of course didn’t expect Corbyn’s Labour Party to do as well as they did and priced accordingly. But now we know the result, price dropped back to it’s starting price and normal price action has resumed.
Normal price action that involves respecting support/resistance levels on pullbacks and as we’ve said in previous posts featuring GBP/USD, this is a level that has been respected numerous times on both sized now. There is no questioning the validity of this level.
Keep an eye on the @VantageFX Twitter account as the setup develops intraday and as always, don’t be afraid to share your own charts and setups.
Dane Williams – @VantageFX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and forex broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.