Now that the FOMC is behind us, it is clear that GBP traders are looking ahead to next week's elections and bringing the GBPUSD back down to more acceptable levels since their is a high level of uncertainty surrounding the election outcome. On GBPUSD, we were able to make a 100 pip profit off a break through the double top that formed yesterday on the 1 hour charts in our live trading class.
From a long term standpoint you can also see in the chart below that GBPUSD is breaking through the trendline on the Daily Charts and the 24 Hour TotalView is showing the GBP as being well offered versus the other majors:
As we head into next week I could easily see the GBPUSD retrace back to the 1.5000 levels that served as long term resistance throughout March and April. In next week's live trading classes we will discuss ways to potentially trade this view both from a Momentum and Retracement standpoint. See you there!