Following the UK Election
The GBPUSD tumbled 250 pips immediately following the exit poll from Thursday’s UK election.
Although the extent of the drop is somewhat surprising, I can’t say I’m overly surprised given the bearish pattern that had formed following the May 26th selloff.
The pair is currently off today’s low by more than 100 pips, suggesting there are those who believe the currency moved too far too fast.
However, the 1.2770 handle appears to be the big hurdle for buyers in today’s session.
Notice how 1.2770 attracted a bid in late April as well as the 26th and 31st of May. It’s also the December 2016 high, making it a level to keep an eye on as we move forward.
Daily Price Action
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