GBP/USD climbs back up to flat levels on the day near 1.3160
Quite frankly, I don't think there is much to really comment on the pound at the moment as price action so far today is rather "minimal" and would be insignificant once we move towards digesting the election tomorrow.
In the grand scheme of things, cable could easily swing 100-300 pips (or more) depending on the results tomorrow so the 52 pips range today is rather meager in my view.
Besides, price action has been long trapped in between the 1.31 handle and the 100-hour MA (red line) but is now only starting to potentially take a peek back above the latter.
Buyers will be in near-term control then after finding support around 1.3112-20 earlier today but I doubt we will see a significant extension back towards 1.3200 considering the drama experienced yesterday.
As such, the pound is pretty much in what I would consider 'preparation mode' as the gamble on the election looks set to begin tomorrow.
In the grand scheme of things, cable could easily swing 100-300 pips (or more) depending on the results tomorrow so the 52 pips range today is rather meager in my view.
Besides, price action has been long trapped in between the 1.31 handle and the 100-hour MA (red line) but is now only starting to potentially take a peek back above the latter.
Buyers will be in near-term control then after finding support around 1.3112-20 earlier today but I doubt we will see a significant extension back towards 1.3200 considering the drama experienced yesterday.
As such, the pound is pretty much in what I would consider 'preparation mode' as the gamble on the election looks set to begin tomorrow.
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