GBPUSD – A Roller-coaster Week of trading

Sterling started the week trading by gapping lower and since rallied a mear 2% in a few days off the back of two crucial Brexit votes in Parliament. The conclusion being that MPs are no closer to finalising a deal than before, which caused mass uncertainty for traders who struggled to find direction.

The market finds itself trading in between the 50% and 38.2% fib retracement, a key consolidation zone over the last 12 months. A clear break above 1.34000 would put the bulls in charge, however a move lower below 1.31690 would turn the market bearish.