The pound has come under fire as the Article 50 letter gets signed 29 March
It's a bit too early to say whether the selling is done already. Pound was already in retreat when the news came out. Algos then got hold of it as expected as per my preview. I don't think the selling is necessarily over yet but too early to say
Let's see what European desks/robots have to say first then London (all in the next couple of hours) but I still don't see a big rally. There will be lots of news headlines out today and the algos will feed feverishly off those.
Nothing has changed in real terms for the UK. What's been expected for 9 months is now official. The real battle is yet to take place but now underway. Yes the market is short but I don't think bulls will be jumping in just yet although there is a case for shorts to take some money of the table after this knee-jerk.
GBPUSD currently 1.2412 after 1.2376 lows but USD demand has also helped the journey lower. EURGBP 0.8711 from 0.8736. GBPJPY 138.01 from 137.59.
I'll get some order boards as soon as I can but it looks like 1.2420 then 1.2450 are the immediate lines in the sand where we can expect some offers/res.