Consolidation. May speech very important especially if noises are true that she will say something about paying for access to EU market
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So far successfully consolidating above 1.345 which are the post BREX Ref spike highs previous summer. Another key level, good to hold
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Sharper pullback to 1.335 possible
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Retail sails very solid and way above
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Cup and Handle potential formation argues for the upper range limit. Let's see first May on Friday
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If oil rises as is my base case, this also supports GBP
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This intrayear V reversal higher in GBPUSD argues for a 1-2 year retrace higher. Let's see how it goes first
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Today is MayDay, so let's see and listen
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Best will be to have some consolidation/small pullback to build the base for the next upleg
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Pullback in play
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Solid bounce off support
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Pullback is good so far, needs to establish a base in low 1.30s to attack 1.40
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Pound defending as expected the low 1.30s which were the post Brexit ref lows. Let's hope this is the new base established
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It does look more and more like base building for the next upleg. Attack or even bear trap at around 1.30 still cannot be excluded but so far quite constructive