GBP/USD went Up 465 points on Election day. It came down 610 points in next 7 days. Now What? You can Learn to take Advantage of these types of News (Election-day etc) events in Future, if you are trained by us.
The recent Election-day for United Kingdom was 12th of December 2019. Next day of this Election-day just when Exit pole came out, even before start of counting, price of GBP/USD gap up and opened at 1.3293 when the previous close was at 1.3170 in a 5 minutes chart. So on this next day of this Election-day, the currency pair GBP/USD gap up by a massive 123 points at 9:00 am. It continued to go up and printed a high of 1.3515. This one day move on this Election-day was a massive 465 points.
After this Election-day move up of 465 points, GBP/USD steadily came down losing all the gains and more in next 7 days.
On 23rd of December 2019 as shown on the Daily Chart, it printed a low of 1.2904. The difference of the 12th December 2019 high of 1.3515 and low printed on 23rd of December 2019 is another massive 610 points.
Magically, as we refer to our “Proprietary Technical Analysis“, it exactly stopped on our trend line and Fibonacci support line as explained below:
1. The Trend Line was drawn much before from the swing lows of 8-Nov-2019 and 22-Nov-2019 on which price stopped previously on 27-Nov-2019 and recently after the Election day on 23-Dec-2019.
2. Price also got the 78.6% Fibonacci level support present at 1.2928. This Fibonacci was drawn from the swing lows of 8-Nov-2019 and the Election day’s swing high.
After getting a halt at our Proprietary Support Levels, at the time of writing this post, the Forex Currency Pair GBP/USD is trading at a price level of 1.3085. A clear jump of 180 points from our Support Levels. Is Forex Currency Pair GBP/USD is ready to go up again? As per our “Proprietary Technical Analysis“, if price of Forex Currency Pair GBP/USD closes above 1.3139 level and its high is taken out by 20 pips on a Daily chart basis, then our price objectives to the up side are as below:
1. 1st price objective= 1.3210
2. 2nd price objective= 1.3282
3. 3rd price objective= 1.3384
4. 4th price objective= 1.3445
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