The GBP/USD is moving lower after the initial spike yesterday. Markets have been very nervous and in whipsaw mode.
Chaotic market movements might have been caused by end month flows and fixing. Bounces close to 200 pips within different markets have been spotted. The GBP/USD is retracing and we might see buying close to the 1.2500 zone again. Targets are then 1.2553, followed by 1.2590 and 1.2645. Ideally for bullish price action, the pair should support above 1.2490.
Many green pips,
Nenad Kerkez aka Tarantula FX