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GBPUSD Daily
Supports : 1.29450 , 1.29050 & 1.28450
Resistances : 1.30000, 1.30450 & 1.31050
Cable is in the sideways from 15.10. with some up and downticks.
Waiting for two major outcomes : US Election ( today) and FOMC ( Thursday ).
If we put aside that influence , strictly chart wise, a Pattern is forming for another Uptrend Episode.
Breaks of given supports/resistances won’t mean anything if it won’t be followed by few days of continuation !
Sit on your fingers ( use them to hold a coffee cup ) and wait for the outcomes.
USDCAD VOLATILITY TRADE
On the 12-month chart, price show an impulsive bearish move that took 6 years to complete. In tandem with price action, the bullish correction that is currently active has taken 14 years. Price is yet to contact a fresh long-term supply sitting at 1.544.
On the monthly and weekly charts, the structure is still the same. Price is seeking to contact a short-term fresh supply at 1.44.
On the daily chart, price continues to form new highs. In the short term (daily), we are looking at a bearish price correction fueled by the US election volatility. Price is expected to correct towards the 1.35-1.32 range after that resuming the original long-term bullish price correction.EURUSD 1 HOUR CHART – ON HOLD
EURUSD in a holding pattern awaiting the results of the US election.
If trading, stick to short-term charts and day trade as even if you call the election right, you could be caught out by an early vote headline.
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Current range is around 1.0870-1.0915, the bottom end is the top of the gap.
