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GBP/USD - Short zone and election dillemas

FX:GBPUSD   Pound Sterling/U.S. Dollar
261 2 7
GBP/USD             has now swung up to and is testing the .500 fib for the second time in 2 weeks. This is also just above the 1.500 level which is a strong psychological number.

We had a false break of this level in March following a news release. Price may sell off from this point, although we could see a test of the .618 fib level.

With the elections coming up in less than 2 weeks this could throw a spanner into the value of the sterling. A Labour/SNP coalition has already been deemed as negative for the economy by many business leaders.

Although I believe the GBPUSD             bear trend may be coming to an end I think we do have potential for another swing lower so I will be remaining short for time being.

Nice clean chart, I also agree with your view. Keep 'em coming!
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Cheers Tommy.
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