The break lower in the pound last week sparked a wave of trading and the pop and drop a day later sparked another round.
The surprise is that has been no follow-through — in either direction. The pound has just gone flat.
Today was no different. cable tried a run down toward 1.66 and then a runup to 1.6666. At the end of the day, the pair finishes almost unchanged at 1.6636.
GBP/USD daily
Bids are at 1.6600 and just above. More bids at 1.6587 but the main line of bids is at 1.6569, which was the low last week. If that breaks, there is another line of solid bids at 1.6555/50.
There isn’t too much on the top side in terms of offers. There are sellers higher up at 1.6720/25 and more at 1.6745/55 then around 1.6780.