Strawberry Blonde's Market Summary: British Pound Soars On Election Exit Polls

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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.