Quick Update on the Pound, which remains resilient in light of Trump’s victory as most pairs made substantial gains with the exception of GBP/USD due to US Dollar’s strength. Dips should continue to be bought as technical picture turned bullish with confirmation of LT down trend breakout in the FXB:
Here are quick updates and parameters on major GBP pairs:
GBP/USD – Dropped back towards ST uptrend on USD strength after spiking up near 1.27 area. Buy this dip and towards 1.23.
EUR/GBP – Plunged back inside ascending channel. After consolidation should continue south towards bottom of channel
GBP/JPY – Minimal resistance until Sept swing highs and downtrend resistance
GBP/CHF – Consolildating around Aug swing low after . A confirmed close above points to top of descending channel
GBP/AUD – Retraced entire flash crash move and now consolidating. Wait for confirmed break above 1.675 before going long again.