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.
![](https://1.bp.blogspot.com/-zPY2XsptoEo/XfLYUI21cJI/AAAAAAAAgrg/-2PwVGyEJGMT4r14D2moxnuJ64dHCKHkgCLcBGAsYHQ/s400/2019-12-12_1611_Video.png)
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.
![](https://1.bp.blogspot.com/-NPWvc612pDU/XfLYzlxS8VI/AAAAAAAAgro/8K3X5OjAPNgXH0g7tRLnV-xhF1_Wg8K8QCLcBGAsYHQ/s640/2019-12-12_1610__British_Pound.png)