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GBPUSD 4 HOUR CHART – POLITICAL STABILY VS POLITICAL INSTABILITY
One can make the argument that political stability in the UK after Labour;s landslide win contrasted with tht of Europe depending on the outcome of Sunday’s French vote argues in favor of the GBP.
With that said EURGBP has been recovering ahead of these key events but is losing steam after .8500 held.
If looking at levels, they are at .8452-78, suggesting .8450-80 is a range with a break the trendline and .8450 more at risk as long as it stays below .8480.
GBPUSD DAILY CHART – LABOUR LANDSLIDE
Muted but positive reaction so far to the Labour landslide win in Thursday’s elections.
7 green candles in a row indicating upward momentum.
No change otherwise to what I have been saying:
Clear path to 1.2860 while above 1.2739 but only if 1.28 is firmly taken out
Wild card is the US jobs report.
USDJPY 4 HOUR CHART – JOINING THE PARTY
USDJPY technical starting to turn bearish after the failure just below 162.
To build momentum. 160.00-25 would need to be taken out.
Upside limited as long as the down trendline is intact although wild card is today’s US jobs report.
The so called surprise index except for JOLTS has been negative (i.e. misses on the downside for economic data).
Note, this is a like an extended holiday in the U.S. with those at their desks likely opting to leave early after the jobs report.
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Prop Trading and the Dreaded “Relative Drawdown”
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