GBP/USD Update – 07/06/2017 (10:50am) – by Arjun Lakhanpal

June 7, 2017 by

GBP/USD Update – 07/06/2017 (10:50am): A lot of chatter regarding GBP into and through the election.. On the charts, while the short term range action continues to develop, the risk of a corrective phase continues to rise in line with the recent break of key initial support in the 1.2890 area. In turn, the focus is now on the 1.2788/59 support area which includes the 38.2% retracement from the April low, as well as the late-April reaction low. Violations would confirm the onset of a deeper corrective phase into the 1.26 zone (April breakout/200-day MA)., Note that we continue to see the 1.3050/1.3190 zone as a critical test (38.2% retracement).and where prices should continue to struggle.