The breaking news to GBP/USD is Brexit is not involved one iota in GBP/USD price moves, not one iota, not 1 pip. Its quite shameful to see such headlines devoted to Brexit when Brexit plays no role in GBP/USD. Today’s analysts, traders and websites are shameless disgraces to the trading world.
Three factors working inside GBP prices, GBP/USD broke above big point breaks at 1.4430 and 1.4361. Both must break lower to see far lower GBP prices.
Secondly, GBP/USD correlates to GBP/JPY at 90%. Its the best GBP/USD has to offer inside its universe as both GBP/JPY and GBP/USD will travel again as friends. GBP/JPY is vastly oversold as well as EUR/JPY but the difference between GBP/JPY and EUR/JPY is EUR/JPY correlates 90% to USD/JPY so GBP/JPY is driving GBP/USD.
Most important factor driving GBP/USD and mentioned many times over last days is GBP/USD prices are dead flat on the floor. Why 100 pip rise? That was the gap leftover since Friday and never filled. What is seen absolutely is perfectly normal price movements.
GBP/USD For today.
Bottom. 1.4561 and achieves this destination on breaks at 1.4598 and 1.4579. Look for 1.4525 as alternative bottom in next day ahead. 1.4525 is a big break point.
Upper targets: 1.4667 and 1.4649.
Range breaks above 1.4745 and 1.4820. Below range break 1.4525
Daily pip movements all last week was 72 pips, today 74, up 2 pips.
Thick resistance between 1.4574 to 1.4590. Thick supports 1.4635 to 1.4640. Don’t touch prices inside these areas.
Brian Twomey, Inside the Currency Market, btwomey.com