FxWirePro: Short term trends, key supports/resistances and trend changing levels of pound based pairs ahead of election outcome

Today, the United Kingdom is holding its much-anticipated snap general election and the result would start appearing from 11 GMT onwards. In this article, we would discuss short-term trends, key support resistances, and the key trend (short-term) changing levels of the pound based pairs based on one of our models. We expect these sets of information to come in handy to our readers,

• GBP/USD –

The pound is currently on a short-term bull trends. The next key resistance is quite far, around 1.34 area. Due to higher volatility in the pair, the support lay around 1.21 area. The pair is currently trading at 1.295

• EUR/GBP –

This pair just entered a short-term bear trend as it dipped below 0.865. The key resistance lies around 0.878 area. It is also the trend changing level. Next support for the pair is around 0.842 and the most vital lies around 0.835 area. The pair is currently trading at 0.868

• GBP/JPY –

This pair is in a short-term bear trend. Key resistance for the pair lay at 142.8 and at 144.5 area. 142.8 area is the trend changing level. The support lies around 139 and around 137.2, a break of which could lead to larger decline. The pair is currently trading at 142.5

• GBP/AUD –

This pair entered a short-term bull trend as it cleared 1.67. It is now going through a correction. Key support lies around 1.66, which is also the changing level. The pair is currently trading at 1.717

• GBP/NZD –

This pair is in a short-term bull trend as it cleared 1.765 area. However, the crucial resistance is around 1.795, which is currently being tested. The next resistances lies around 1.822 area. The support is around 1.745. It is also the trend changing level. The pair is currently trading around 1.796

Kindly note due to heavy distortion in the franc during January 2015, this model can’t reliably predict right levels, hence we are avoiding all franc based pairs for this model.