Has everyone had their fun? Where do we go now in the pound?
What have we learnt?
The BOE isn't really interested in the global shenanigans except from a 'looking in from outside' point of view. There's risks but they're not seeing them materialise into real problems yet
What happened to the pound?
The market was holding itself back on the risk that the BOE would be more dovish on the global problems. When they weren't that only left traders with one direction to go. Up we went. As Mike then noted the market realising that "nothing's changed", means nothing's changed, and back we came
From a technical standpoint the 38.2 fib has been flushed, though as it was on a spike that didn't last it could well feature again. We're back below 1.5400 and that level will also probably start seeing resistance come in again
Overall the upside resistance levels remain intact or will re-assert themselves but the strength has been greatly reduced by the blow through. It's as we were and the next direction is back in the balance
