Gap lower on Monday/surge higher on Tuesday. Staying above the 38.2% of the range

On Monday, if you recall, the GBPUSD fell on weekend reports of hard Brexit in her speech on Tueday. That came to fruition but a combination of sell the rumor, buy the fact, AND some favorable technical breaks (and short covering and dollar weakness), sent the pair screaming higher on Tuesday. Yesterday was corrective with the pair retracing 38.2% of the move up.

Today, the pair has been up and down. The price is up. There was that move below during the fixing, but there was a quick rebound. Watch the 1.2329 above. A move above intraday would be something more bullish. ON the downside, the 200 bar MA (green line) is risk for buyers. It is also the 50% of the day's trading range.

Decision time. The sellers had their shot on the fixing. Left a big tail. The question is "Do the buyers really love it? Do they care?". Get and stay above 1.2329 will be eyed if so.