The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Technical Analyst, Saxo Bank
GBPUSD took out support at around 1.21 AND spiked below 1.20 before bouncing back above 1.22. Selling pressure seems to be weakening indicated by RSI divergence on both daily and weekly time period.
GBPUSD be range bound between 1.2150 and 1.2435 for some time. Break out from range is needed for direction.