Chart Signals Update: GBP plunges on UK Election Exit Polls show Conservatives could lose their majority

GBP has come under pressure after the initial Exit polls projected the Conservatives potentially winning 314 seats, down from 330 and short of the 326 needed for a majority. EURUSD tried to pop but didn’t get very far and has since dropped back to where it was before the exit poll news. 

JPY has started to attract renewed interest with USDJPY falling back under 110, and gold could as well as this result increases general political uncertainty. 

GBPUSD dove down from $1.2960 into the $1.2710 to $1.2790 area between two Fibonacci levels. The pair broke a trend support line near $1.2900 then its 50-day moving average near $1.2810. Next potential support near $1.2640 then the 200-day average near $1.2580. 

GBPJPY has plunged down from its 50-day average near 142.20 through Fibonacci levels near 141.85 and 140.40 on its way toward a test of the 140.00 round number. Falling RSI confirms downward pressure increasing. Next potential support near 138.70 its 200-day average then 137.50. 

EURGBP has soared up from 0.8650 through 0.8770 on its way toward a test of 0.8800 the top of a trading channel that has been in place since the start of 2017. Next resistance on a breakout from here possible near 0.8870 then the 0.9000 round number. 

USDJPY has started to turn back downward, sliding back under 110.00. The pair recently confirmed resistance at its 200-day average near 110.60. Next potential support appears near 109.35 then 109.00. 


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