Forex technical analysis: GBPUSD holds above 38.2% but…

…just lower highs. Market is not sure…
This week, there was one heck of a day when the GBPUSD shot higher, with a trading range of 390 pips. That was Tuesday. That was the day that UK PM May announced the she would call an snap election. The goal? To solidify the support for the current government as the Brexit process plays out.   The market liked the idea. Win and the mandate is there from the PMs perspective and it may also make negotiations with EU members, easier.  The price shot up to 1.29032 – the highest level since October 3rd, and in the process the price exited the "Red Box" in the daily chart below. That box peaked at 1.2774 in December 2016.  Breakout?  Yes but…