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USDX WEEKLY CHART – ON THE DEFENIVE
You don’t need a USDX chart to tell you the dollar has turned defensive vs, currencies such as the EURUSD (57.6% of the index) and GBPUSD.
So, it pays to take a look at a USDX weekly chart and what are the targets on the downside. In this regard, the one that stands out is 103.93 (and 103.35 below it), exposed as long as the index trades below 106, greater risk if it stays below 105..
Note USDX is often seen as a proxy for the EURUSD, which makes up 57.6% of the index.
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.
GBPUSD DAILY CHART – ELECTION DAY
No change to what I posted last night (today;s low has been 1.2740)
With a landslide Labour win on Thursday widely expected, the reaction will tell us how much is discounted.
Charts, meanwhile are very clear… if 1.2739 becomes support there is a clear path for 1.2860 with the psychologicl 1.28 level standing in the way.
GBPUSD DAILY CHART – WAITING FOR THE ELETION
With a landslide Labour win on Thursday widely expected, the reaction will tell us how much is discounted.
Charts, meanwhile are very clear… if 1.2739 becomes support there is a clear path for 1.2860 with the psychologicl 1.28 level standing in the way.
GBPUSD 4 HOUR CHART –UK Election Looms
Key levels are pretty clear at 1.2612 and 1.2710, the former holding after a run at it earlier.
The key focus is on Thursday’s UK elections, where an outright win by Labour would be seen as a positive if only because it would have a ruling majority. We should have a feel for pre-election positioning by tomorrow at the latest.
