It’s been a solid morning for the pair and yes the 1.6650 and 1.6685 offers were short-lived due to the data .
Bad news for us rally sellers ( albeit with tight stops) but good news for the bulls and there have been plenty around since we based after failing to breach 1.6550.
High post so far is 1.6724 with the 1.6720 offers taken out but more seen into 1.6750
Currently 1.6712 I’d be looking to sell again into another rally to 1.6750 but equally I expect good demand in the dips to 1.6700-1.6685 and more at 1.6650.
As I mentioned in the wrap the danger of range-bound markets is that stop-loss amounts increase and therefore exacerbate the break-out when finally popped. We’ve seen this on cable today as well as all the major pairs but it doesn’t mean we are yet into any trend.
The fickle world of forex strikes again.
GBPUSD Daily 8 April