Moves to the 50% of the 2019 range

I don't know what the vote will bring for the GBPUSD. PM May seems to be trying to kick the can down the road with the headlines that she will offer a more palatable Brexit deal next week. Will "the market" give her the benefit of the doubt that it will be palatable? Will lawmakers be open to it?

Anyway, the price action has already taken the GBPUSD down 221 pips from the high. On the day, the pair is down -154 pips. That move has taken the price to the 50% midpoint retracement of the 2019 range (so retraced 50% of the range in about 27 hours of trading). The midponit comes in at 1.26914. Close risk for shorts is the 200 hour MA at 1.27632.

More downside momentum will look toward the 1.2662 and then 1.2613-17.

Whatever the vote, the price action will depend on the "markets" belief of the more "palatable" deal and whether lawmakers allow it to happen. That's the way it seems. How it plays out is up in the air though. So risk still remains sky high (see earlier post here)