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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.


* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





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Thursday, December 12, 2019

British Pound Soars On Election Exit Polls

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.

N.B. UPDATE December 14...Final count...Conservatives win 365 seats...Labour wins 203 seats.