We are in the midst of the UK Parliamentary Elections.
The exit polls are pointing to a hung parliament.
"The big picture is that political uncertainty could take weeks or months to be resolved and it is likely to weigh on both financial markets (in particularly the pound) and the economy"
With this background , and the technicals pointing to a flat correction .... heres the short scalp.
1. Entry at the .618 or better still the .786 retracement of the bearish breaking candle = 1.2850 - 1.2890 ( you could take 1 lot at either fib )
2. Stop above B wave high 1.3050
3. Target end of the flat correction at 1.2573
4. Risk reward 2:1....
Comments
SignalWolf
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we have many same views .......;)
salsapete
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" A separate Bloomberg survey of 11 banks and brokerages conducted before the exit poll showed that sterling could plunge to as low as $1.20 on Friday in the event of a hung parliament, though that is below the median forecast for a level of $1.2350. A slender majority for the Conservatives would push the pound up to $1.3025, according to the survey. "
If the Labor Part wins, the median estimation is pound at $ 1.25 ...... :)