GBPUSD – Bullish Post Election Results, Expecting Small Pullback (4hr chart)
Jumping a few cents shortly after the UK election results and conservative victory, the Cable should maintain a relatively solid bullish bias this week.
The pair tagged the ‘big figure‘ at 1.55 before pulling back. But notice the with trend pin bars to end the week. This suggests bids were willing to step in on dips intra-day, even going into the weekend.
I’m suspecting a small pullback will be in order before another bullish upside attack resumes. There is a ST support zone coming in around 1.5250 and 1.5187 (blue box) while another key support level coming in at 1.5109.
Only a daily close below the latter …... Keep reading