GBPUSD: Is the Pound a buy? I suspect so.
As the title implies, I'm tempted to go long GBPUSD, and other GBP crosses (like GBPNZD).
Fundamentals have been consistently good overall, but there's fear in the air surrounding the uncertainty of the coming elections results.
The recent polls towards the May 7th elections imply a tie between the Conservative and Labour parties, and the possibility of both losing ground to smaller ones, like the SNP in Scotland.
The rally here has been unexpected, and the last correction the result of bad news, so I don't discount bullish continuation as the next move.
Price is flirting with a historical support level, which is the most frequent price in the monthly chart since 1999 or so.
If the move above this level resumes, this might be the start of a strong uptrend.
I'll update with my entry.
Good luck,
Ivan.
Fundamentals have been consistently good overall, but there's fear in the air surrounding the uncertainty of the coming elections results.
The recent polls towards the May 7th elections imply a tie between the Conservative and Labour parties, and the possibility of both losing ground to smaller ones, like the SNP in Scotland.
The rally here has been unexpected, and the last correction the result of bad news, so I don't discount bullish continuation as the next move.
Price is flirting with a historical support level, which is the most frequent price in the monthly chart since 1999 or so.
If the move above this level resumes, this might be the start of a strong uptrend.
I'll update with my entry.
Good luck,
Ivan.
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