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.