Early election exit polls are predicting a huge majority win for British Prime Minister Boris Johnson’s Conservative Party…click here to watch this short video clip.
The British pound has jumped on this news, as shown on the following monthly chart of GBP/USD.
Major support rests at 1.2000, while major resistance levels are as follows:
- 23.6% Fibonacci retracement at 1.3744
- price resistance at 1.4000
- price resistance at 1.5000
- 40% Fibonacci retracement at 1.5161
The Balance of Power lies firmly with buyers on this longer-term timeframe and is nearing all-time highs. This will need to hold to convincingly support a sustainable move higher to, potentially, one or more of these resistance points.