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GBP/USD - 4H.
On December 5, the GBP/USD pair continues the growth process in the direction of the correction level of 100.0% (1.3378), after fixing the quotes above the Fibo level of 76.4% (1.3044) and above the trend area. The period of calm has ended and the British currency updates local highs every day. There are no visible obstacles for the pound-dollar pair on the way to its goal. The emerging divergence is also not observed today.
The pound has perked up and continues to grow with pleasure, expecting that the election, which will be held in a week, will be won by the party of Boris Johnson. Although Johnson himself has a twofold attitude among the electorate, the British are now driven by the desire to complete the Brexit process as soon as possible. About the same logic and traders in the forex market. The more powerful Johnson's party wins, the faster Brexit will end and this page of British history can be turned. What will wait for the country after it officially leaves the European Union is not worth thinking about. First, we need Brexit to be completed. Thus, traders now react only to the factor of the high probability of victory of conservatives in elections, other economic reports and news are not taken into account. Therefore, the growth of the "Briton" can continue until December 12.
Boris Johnson continues to rest on his laurels and is preparing to win the election. The Prime Minister gave an interview in which he said that only with the conservatives at the head of the country, the parliament will once again begin to work and take care of the UK and its population. Johnson said that with Brexit, it is time to end and he can guarantee it only if the Conservative Party wins by the necessary margin from the Labor Party. Thus, the population of Britain is well aware that either the conservatives will win, or Brexit will be delayed for an indefinite period. Boris Johnson's party is likely to win the election and for the pound, in the short term, it is a good thing. Once Brexit is implemented, economic factors will again come to the fore, which can cause a serious fall in the British currency, as the Kingdom's economy has recently shown clear signs of weakening.
Forecast for GBP/USD and trading recommendations:
The pound-dollar pair resumed the growth process. Thus, now I advise buying "Briton" with a target of 1.3378. A new trend corridor may be built soon. Information background now does not prevent the pound to grow, as traders continue to pay no attention to it.
The Fibo grid is based on the extremes of March 13, 2019, and September 3, 2019.
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